InsurTech 50 star Insurwave is welcoming UK-based insurance company Inigo as a new client.
The partnership will see Inigo use London-based Insurwave’s technology and industry expertise to build and maintain a real-time view of aggregate exposure across its portfolio at a time of increasing geopolitical uncertainty and market volatility.
Through Insurwave’s live location tracking of assets on an interactive risk map, the insurer gains easy access to monitoring and alerts on events as they arise around the world through designated and custom search zones, allowing them to respond quickly and decisively when required.
The use of the SaaS platform sets a precedent for other syndicates to embrace a more effective approach for exposure management by collecting and aggregating data on risks in real-time, linked to agreed policy terms and other third-party data sources. Inigo also has the potential to incorporate artificial intelligence and analytics onto the platform, to interrogate potential losses and offer risk prevention support for its clients.
Inigo works solely within the broker intermediary market via its Lloyd’s syndicate, catering to commercial and industrial enterprises globally, while additionally providing reinsurance to insurers worldwide.
“Our collaboration with Insurwave bolsters our vision to further develop Inigo’s data-driven exposure management capabilities, providing our Aviation War Underwriters with precise information at the point of pricing, through to live tracking of fleets,” said Chris Weller, head of exposure management at Inigo Insurance.
“Insurwave’s platform gives us the tools to do that, and we look forward to collaborating in other areas as part of this partnership.”
InsurTech 50 – UK’s most innovative insurance tech creators for 2023
Richard Archer, Insurwave’s chief strategy officer, added: “The ability to not only understand your exposure, but also maintain a real-time view of your aggregations, has become a key requirement for the aviation insurance market in particular.
“We look forward to working with Inigo to help them extend their real time data tracking and to unlock new insights for proactive loss prevention and risk management services, as well as exploring what this could mean for other classes moving forward.”