London-based insurtech platform Insurwave has acquired AI technology designed for the specialty insurance market from EY.
According to Insurwave, the AI technology has been integrated into its existing platform, which focuses on providing insurers, risk managers, and brokers with a real-time view of data including live asset tracking and aggregate exposure positions.
Richard Archer, Insurwave’s Chief Strategy Officer, commented, “The cost and time spent processing data can be greatly reduced with the assistance of AI technology.
“Designed and trained over a period of three years, Insurwave AI makes the promise of AI real for insurers, harnessing the knowledge of thousands of historical submissions provided by several London market syndicates and insurers to meet the data quality needs of the insurance industry.”
Now paired with AI technology, Insurwave noted it is advancing its approach to providing access to up-to-date, uniform data across all parties in the insurance value chain.
“With the new platform, insurers can upload raw data from multiple formats, including Excel and PDF files, and the platform will ingest this data and extract not only structured, but also enhanced data that can be visualized within the platform or uploaded to catastrophe models and pricing engines, ultimately improving underwriter’s speed and quality of decision making,” Insurwave explained.
The firm observed that moving forward, it will continue to build on the AI platform’s expertise with an augmented library of property and terror machine-learning models that will be combined with its existing marine and aviation capabilities to provide guidance for risk selection and insights on exposures for risk managers and corporate insurance buyers.
David Power, Insurwave CEO, said, “Between Insurwave’s existing automation capabilities and the new AI technology, we are making significant progress toward the industry’s shared dream of real-time, proactive risk management.
“Participants across the insurance value chain no longer need to rely on inaccurate data to make risk transfer decisions when changes happen in real-time.
Nataly Maimari, Head of Data and AI, Insurwave, added, “There is no question that AI technology will play a pivotal role in shaping the future of the insurance industry.
“AI and the right data analytics offer a unique opportunity to augment underwriter decisioning by surfacing cleaned, standardized and enriched datasets to drive consistent and targeted risk selection.”
