Insurwave, a London-based InsurTech firm specializing in specialty insurance data, has acquired machine learning technology from EY. The technology has been seamlessly integrated into Insurwave’s existing platform that enables insurance providers, risk managers, and brokers to access a real-time view of data, including live asset tracking and aggregate exposure positions. Insurwave will leverage the AI technology to offer up-to-date, uniform data across all parties in the insurance value chain, ultimately reducing the cost and time involved in processing data.
Insurwave’s AI solution has been designed and trained over three years, using the knowledge of thousands of historical submissions from multiple London market syndicates and insurers. The platform allows insurers to upload raw data from various formats, including Excel and PDF files. The technology not only extracts structured data, but also enhanced data, which can be visualized within the platform, uploaded to catastrophe models and pricing engines, ultimately improving underwriter’s speed and quality of decision-making. Any exceptions that arise are captured and continuously fed back into the models to improve performance over time.
Insurwave’s AI platform will leverage an augmented library of property and terror machine learning models that will be combined with its existing marine and aviation capabilities to provide invaluable insights on risk selection and exposure for risk managers and corporate insurance buyers. David Power, CEO of Insurwave, commented on the progress made towards the industry’s shared dream of real-time, proactive risk management and the elimination of reliance on inaccurate data for risk transfer decisions in real time.
In conclusion, this acquisition underscores Insurwave’s commitment to providing innovative solutions to the insurance industry that feels the effects of antiquated, time-consuming processes involved in the procurement of accurate data.