Commercial lines insurtech platform Insurwave has raised £5 million in funding to help drive continued growth.
The fundraise was led by existing shareholders and will be invested in expanding the features of the platform.
The Insurwave platform is designed to transform 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.
“We are delighted by the industry’s response to Insurwave, as we continue to onboard clients across risk owners, brokers, insurers and reinsurers,” said Chief Executive Officer David Power.
“We are mission-centric in our approach to provide a digital-first platform for complex insurance that can benefit the sector at large.
“It eliminates laborious tasks and provides tools for product development and growth for its clients with minimal overhead.”
Power added that this 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,” he said.