The latest client win for Insurawave;
Insurwave, the London-based insurtech platform, helping global businesses manage complex insurance needs, has welcomed Westfield Specialty International (Westfield) and its syndicate at Lloyd’s, as a new client.
The partnership stemmed from the specialty insurer’s desire to transition beyond legacy catastrophe and capital modelling processes, while showcasing high-quality reporting to the Lloyd’s market based on new, market-leading tech and data infrastructure.
Insurwave, an AI-driven data ingestion and integration platform, serves as the gateway for submissions into Westfield, extracting, standardising, and enriching data to deliver consistent outputs for downstream cat modelling, flood modelling and pricing.
At the point of submission extraction, Insurwave also enables underwriters and exposure managers to quickly review and assess the quality and scoring of risks before being released for downstream modelling and processing (Quote and bound risks).
Richard Archer, Chief Strategy Officer at Insurwave, said: “Westfield was quick to recognise the value of working with best-in-class specialists to automate the submission-to-quote process, and this project is an early example of how the market is set to transform in the future. The role of AI in specialty insurance will continue to grow, and we’re pleased that our ability to extract, cleanse, and enrich submission data in minutes, rather than days, is already enabling this at scale.
Stephen Martin, Head of Catastrophe Modelling at Westfield Specialty International added: “To be able to transition from a largely manual, cat modelling-pricing-portfolio roll-up and optimisation process, into a fully digital/AI-driven ecosystem within 12 months is a remarkable achievement. Enabling our underwriters to respond quickly to the market is a real competitive advantage for the syndicate as we navigate soft market conditions and position the business to flourish over the long term.”
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