Insurwave acquires AI technology from EY

The technology, Insurwave AI, is designed to process Slips and SOVs in minutes, a manual process that normally takes hours, sometimes days.

Insurwave AI was trained using five years of historical submission data and can process data from multiple formats, including Excel and PDF files. The technology will be integrated into Insurwave’s existing platform, which provides insurers, risk managers, and brokers with a real-time view of data, including live asset tracking and aggregate exposure positions.

“Insurwave AI makes the promise of AI real for insurers,” said Richard Archer, Insurwave’s chief strategy officer. “With this technology, insurers can access up-to-date, uniform data across all parties in the insurance value chain.”

The investment in Insurwave AI illustrates Insurwave’s belief that AI is the future of the product and data ingestion and management in the specialty insurance market.

“We are making significant progress towards the industry’s shared dream of real-time, proactive risk management,” said David Power, Insurwave CEO. “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.”

About Insurwave

Insurwave is a London-based insurtech platform that provides insurers, risk managers, and brokers with a real-time view of data, including live asset tracking and aggregate exposure positions. Some of the world’s largest insurers, risk managers, and brokers use the company’s platform.