Insurwave, a London-based InsurTech platform for specialty insurance data, has acquired machine learning technology from EY.
The firm, which featured on our InsurTech 50 ranking this year, says the technology has been integrated into its existing platform.
This platform focuses on providing insurers, risk managers and brokers with a real-time view of data including live asset tracking and aggregate exposure positions. Paired with the AI technology, Insurwave is advancing its approach to providing access to up-to-date, uniform data across all parties in the insurance value chain.
“The cost and time spent processing data can be greatly reduced with the assistance of AI technology,” said Richard Archer, Insurwave chief strategy officer.
“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.”
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 visualised within the platform or 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. The more data is processed through the platform, the smarter it gets.
Insurwave will now 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 invaluable insights on exposures for risk managers and corporate insurance buyers.
“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,” commented David Power, Insurwave CEO.