London-based Insurwave raises £5 million

London-based commercial insurance SaaS company Insurwave has raised $6.4 million in its first seed round.

Founded in June 2018 through a joint venture with EY and Guardtime, the company is a team of approximately 26 people led by David Power. It focuses on commercial insurance and has developed a platform to connect buyers, brokers and sellers around specialty coverage. “Insurwave enables the elimination of tedious reconciliation, enables high data integrity and greater insight for insurance buyers, brokers, underwriters and reinsurers of complex risk.”

Its ‘Digital Pathway’ is a smart pipe that enables real time, enriched data flows on a common SaaS platform. For marine insurance, as an example, Insurwave provides a platform that can digitize, enrich and share vessel data, consume risk events and auto-service post-bind changes, such as war risk declarations.