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Insurwave & Inigo partner for real-time exposure tracking in aviation
Fri, 15th Mar 2024

Insurwave, the London-based insurtech platform, has announced a new collaboration with UK insurance company Inigo. This partnership will employ Insurwave's capabilities to facilitate real-time exposure tracking across Inigo's Aviation War portfolio. In this sector, understanding and managing exposures and aggregations have become crucial.

Inigo, which operates within the broker intermediary market through its Lloyd's syndicate, will utilise Insurwave's innovative technology and industry expertise to construct and maintain an up-to-the-minute view of aggregate exposure across its portfolio in an environment of growing geopolitical uncertainty and market fluctuations.

The technology provided by Insurwave includes live location tracking of assets deployed on an interactive risk map. This gives the insurer easy access to monitoring and alerts on global events as they develop. Through designated and customisable search zones, Inigo will be able to offer rapid and definitive reactions when required.

Insurwave's SaaS platform represents a precedent for other syndicates to adopt a more effective approach to exposure management. The technology collects and aggregates real-time risk data linked to agreed policy terms and other third-party data sources. It holds the potential to integrate artificial intelligence and analytics, examine potential losses, and provide risk prevention support for Inigo's clients.

Chris Weller, the Head of Exposure Management at Inigo Insurance, expressed that Inigo's partnership with Insurwave aligns with its vision to enhance its data-driven exposure management capabilities. Specifically, Inigo aims to equip its Aviation War Underwriters with accurate information during pricing and live fleet tracking. 

By leveraging Insurwave's platform, Inigo gains the necessary tools to achieve these objectives. As part of this partnership, Weller also anticipates exploring further collaboration opportunities in other areas.

Weller said: "Our collaboration with Insurwave bolsters our vision to develop Inigo's data-driven exposure management capabilities further, providing our Aviation War Underwriters with precise information at the point of pricing and live fleet tracking. Insurwave's platform gives us the tools to do that, and we look forward to collaborating in other areas as part of this partnership."

Richard Archer, the Chief Strategy Officer at Insurwave, is optimistic about the collaboration with Inigo. He believes that understanding and continuously monitoring exposure in real-time is crucial, especially for the aviation insurance market. Insurwave aims to enhance Inigo's real-time data tracking capabilities, enabling proactive loss prevention and risk management services.

Archer said, "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 unlock new insights for proactive loss prevention and risk management services, as well as exploring what this could mean for other classes moving forward."