Insurwave Teams Up With Portage AI

The latest partnership news from Insurwave;

Insurwave Limited and Portage AI Inc have announced a strategic agreement under which Portage AI have acquired Insurwave’s AI submission ingestion capability, including the associated technology assets and expert specialist team.

The move reflects both companies’ focus on accelerating AI processing innovation and real-time data intelligence across the specialty insurance market.  For Insurwave, the transaction enables increased focus on evolving the Insurwave platform to deliver more advanced real-time exposure management, connected asset intelligence and cross-class risk insights across complex specialty portfolios, including marine and aviation. Insurwave’s dynamic insights platform provides insurers, brokers and insureds, including shipowners and aviation fleet managers, with a shared, continuously updated view of risk exposure across specialty insurance portfolios. The company is accelerating its platform capabilities through AI models, real-time asset intelligence, beneficial ownership monitoring and entity-level data, helping clients connect more effectively with insureds while gaining more sophisticated underwriting intelligence and portfolio impact assessment ahead of binding.

With this strategic acquisition, Portage AI brings its expertise to an already compelling solution for complex specialty insurance pricing that turns slip submissions data around in hours versus days with exceptional accuracy. Portage AI is extending this offering to the fast-growing delegated binder business for complex specialty portfolios, including commercial property, marine, terror and power classes, as well as to specialty (re)insurers in Bermuda.

Adrian Morgan, CEO of Insurwave, said: “The Insurwave AI platform and team have developed into a highly sophisticated capability that addresses an important operational challenge within specialty insurance submission workflows. We are proud of what has been achieved and believe Portage AI is the right strategic home to accelerate the platform’s next phase of growth and innovation.

For Insurwave, this agreement allows us to sharpen our focus on the continued evolution of the Insurwave platform and our core mission of delivering real-time underwriting intelligence, connected exposure visibility and dynamic risk insights across specialty insurance markets. As the market becomes increasingly data-driven, we see a significant opportunity to help insurers, brokers and insureds make faster, more informed decisions.

Greg Framke, CEO at Portage AI, added: “This platform represents a highly compelling application of AI within specialty insurance operations, combining deep market expertise with fast and accurate ingestion and workflow capabilities. With differentiated submission automation offerings across pre- and post-bind operations for specialty insurers and reinsurers, Portage AI is well-positioned as a one-stop AI processing service for London, Bermuda and the US markets.

We’re very excited to welcome the team to Portage AI UK Limited, our London-based subsidiary. As demand for AI-enabled operational intelligence and automation accelerates across the global insurance market, we’ll continue investing in the platform’s development. We also look forward to a continued, close working relationship with the wider Insurwave team as we jointly serve the specialty insurance market.