Insurwave has completed a £5 million fundraise to drive continued growth.
The fundraise, led by existing shareholders, will be invested in expanding the platform’s features to help bring InsurTech innovation to commercial lines insurance.
Insurwave serves multinational companies' complex insurance needs, with features including parametric insurance contracts, internal and external data integration, automated premium calculation and risk performance ledger.
The fundraise comes at the end of chief executive David Power’s first year in charge, during which time he has expanded the leadership team and re-architected Insurwave to a software-as-a-service platform, focused on quick integration and speed to market for clients.
Power said: “We are delighted by the industry’s response to Insurwave, as we continue to onboard clients across risk owners, brokers, insurers and reinsurers.”
“More than ever, asset owners require access to capacity and progressive risk solutions to address their complex risk needs,” he continued, adding: “Simultaneously, insurers, reinsurers and brokers are embracing technology that can complement and future proof their offerings.”
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