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Insurwave platform update November 2021

Nov 19, 2021 | Insurwave platform updates

Check out the latest improvements to the Insurwave platform:

  • Explore the warzone voyages tab
  • Download filtered premium reports
  • Capture more premium details – order percentage and commissions

The Warzone Voyages tab

Warzone Voyages

Within your marine policy, we have a new tab: Warzone Voyages.

 

This tab captures all the relevant information needed for insurance buyers, brokers and insurers connected to your policy; reducing time spent sharing information across parties via email and eliminating any discrepancies in the data collated.

Declaration information

This includes:

  • Vessel information
  • Breached zones, ports or terminals
  • Entry and exit times
  • Chargeable zones

 

The platform automatically calculates any additional premium due, including any discounts or flat fees.

Snapshot of the risk map

insurance buyers can stay on top of their premium expenditure with every war voyage; while brokers and insurers can provide accurate and non-disputable additional premium statements.

 

You can also view the voyage on via the snapshot of the risk map, based on live vessel tracking data.


Premium Reports

We have also launched a reports tab on the home task bar. Use the filters to decide the timeframe, policies, and premium changes you want to view and export as an excel.

 

Want to know all premium changes that were entered in the last month? Use the “created date”.

 

Created date is the date an entry was entered in the system, whereas effective date is when the entry became live. For example, if you update insurwave on 31st June with an asset valuation increase that was in effect from 1st June; the created date in insurwave will be 31st June and effective date 1st June.

 

Your reports can be generated using the same parameters at any time.

 

We look forward to expanding our on-platform reporting features in the coming months.


Capture more premium details

Particularly beneficial for our multinational clients that use Fronting Partners or Captives, insurwave captures more premium breakdown information such as broker or fronting partner commission and insurer order, should your local fronting partner retain some of the risk.

 

The platform now displays:

 

  • Gross Premium – the total originally due from the insured
  • Insured Net Premium – the gross minus any discounts and minus the order percentage of risk going to the insurer (should you wish to retain any risk)
  • Insurer Net Premium – the net amount received by the insurer (the order percentage) minus any partner/broker commissions

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