Feb 14, 2023 | Insurwave platform updates
Check out our latest releases:
- Laid up Premium Calculation
- Simplified War Voyage Report
- Auto-fill Vessel Data
- Property Premium Thresholds
Laid up Premium Calculation
With the new vessel status available, your premiums are adjusted automatically.
As a marine risk manager, you are always doing your best to monitor how long each of your ships is laid up to make sure your premiums are being calculated accurately.
With the new “laid up” vessel status, you will be able to capture when your assets are laid up and your premiums will be calculated automatically.
- Save substantial costs by adding a period of layup to vessels
- Premiums will be calculated automatically based on the discount percentage and threshold in the rate table.
Simplified War Voyage Report
Get a high-level war voyage report in one click.
For insurance teams managing large data sets, it might be difficult to filter key insights when bogged down in too much detail.
With the simplified war voyage reports, you can pull a quick summary of your war voyage premiums and get a high-level overview of key data.
- The summary war report now lists only a single aggregated premium line per voyage, rather than having a line for each cover type.
- You can still access the complete premium breakdown in the “detailed report” view.
Auto-fill Vessel Data
Save time adding and searching vessels using the IMO or MMSI.
As a Marine risk manager, you don’t need to type all data or fill all fields when adding a new vessel, nor do you need to remember the name of all your ships.
Insurwave is now integrated with a global marine database so that you can search or add vessels using the IMO or MMSI numbers.
- Using the IMO or MMSI number will auto-fill a range of data associated with the vessel.
- This functionality adds to the existing search capability. Searches using a vessel name will only return results for vessels that have previously been added to the platform.
Property Premium Thresholds
Ensure your property valuation changes are reflected on your premiums accurately.
As a property risk manager, you want to ensure that premium adjustments are captured accurately in line with the business rules agreed with your insurer.
Now you can add premium thresholds within your rate tables to calculate automatically any applicable premium adjustments when a property value changes.
- The thresholds can either represent a monetary amount or percentage change from the original valuation.
- If you have a threshold logic you would like applied to your policy rate tables, please get in touch with us.
Minor releases and updates
- Detailed document statuses: to better support renewals, we enhanced the status options so that documents can have more accurate statuses.
- Now you can add notes and statuses to Voyage Quotes.
- To make ownership clearer on documents, you now have the ability to add assured, co-assured and other entities to specify marine assets ownership.