Insurwave raises £5m in fresh funding to transform commercial insurance

London-based Insurwave, a commercial lines insurtech platform, has raised £5 million in its latest funding round led by existing shareholders.

The fundraise will be invested in expanding its software as a service (Saas) platform to serve companies with complex insurance needs.

Insurwave claims its platform transforms complex insurance processes to a digital-first experience, with features including parametric insurance contracts, internal & external data integration, automated premium calculation, and risk performance ledger, while eliminating laborious tasks and provides tools for product development and growth.

David Power, the company's new chief executive officer, said: “We are delighted by the industry’s response to Insurwave, as we continue to onboard clients across risk owners, brokers, insurers and reinsurers. We are mission-centric in our approach to provide a digital-first platform for complex insurance that can benefit the sector at large.

“Our latest funding round comes at a key moment for the commercial insurance sector. More than ever, asset owners require access to capacity and progressive risk solutions to address their complex risk needs.

“Simultaneously, insurers, reinsurers and brokers are embracing technology that can complement and future proof their offerings. Our platform has a role to play in supporting insurance clients and insurance providers so that they can navigate the complexity and create digital insurance journeys for complex insurance.”