Insurwave, the commercial lines insurtech platform, today announces the completion of a £5million fundraise to drive continued growth. The fundraise, led by existing shareholders, will be invested in expanding the features of the platform to deliver its mission to bring technology-enabled innovation to complex commercial lines insurance.
Insurwave is a platform for the entire insurance ecosystem, serving multinational companies with complex insurance needs. The platform transforms complex insurance processes to a digital-first experience, with features including parametric insurance contracts, internal & external data integration, automated premium calculation, and risk performance ledger. It eliminates laborious tasks and provides tools for product development and growth for its clients with minimal overhead.
The fundraise cements a successful period of acceleration under new Chief Executive Officer, David Power. Celebrating his first year in tenure this month (September), David brings significant experience from high-growth, technology-led businesses, such as Distinct and eShopWorld. In his first 12 months, David has expanded the leadership team and re-architected Insurwave to a Software as a Service (SaaS) platform, These changes have enabled Insurwave to focus on quick integration and speed to market for clients.
David Power said: “We are delighted by the industry’s response to Insurwave, as we continue to onboard clients across risk owners, brokers, insurers and reinsurers. We are mission-centric in our approach to provide a digital-first platform for complex insurance that can benefit the sector at large.
Our latest funding round comes at a key moment for the commercial insurance sector. More than ever, asset owners require access to capacity and progressive risk solutions to address their complex risk needs.
Simultaneously, insurers, reinsurers and brokers are embracing technology that can complement and future proof their offerings. Our platform has a role to play in supporting insurance clients and insurance providers so that they can navigate the complexity and create digital insurance journeys for complex insurance.”