‘This project is an early example of how the market is set to transform in the future,’ says chief strategy officer
Westfield Specialty International has partnered with London-based insurtech Insurwave to automate its submission-to-quote process across property and political violence business.
The partnership will enable Westfield to transition from manual catastrophe modeling and pricing workflows to a fully digital, artificial intelligence (AI)-driven data ecosystem within 12 months.
The change is part of its strategy to move beyond legacy modelling processes and create more transparent, high-quality reporting for the Lloyd’s market.
Insurwave will act as the data gateway for submissions into Westfield. Its platform extracts and standardises incoming data and enriches it for use in downstream catastrophe modelling, flood modelling and pricing systems.
At the point of submission, underwriters and exposure managers can review the quality and scoring of risks before they are passed along the workflow to be quoted and bound.
’Remarkable achievement’
Richard Archer, chief strategy officer at Insurwave, said Westfield had recognised value in working with specialist partners to automate underwriting.
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Archer said: “This project is an early example of how the market is set to transform in the future.
”The role of AI in specialty insurance will continue to grow, and our ability to extract, cleanse and enrich submission data in minutes, rather than days, is already enabling this at scale.”
Stephen Martin, head of catastrophe modelling at Westfield Specialty International, added the transition had provided a competitive advantage, feeling that enabling underwriters to respond quickly to the market was key during softening conditions and would help position the business for long-term growth.
He said: “To transition from a largely manual modelling and portfolio optimisation process into a fully digital ecosystem within 12 months is a remarkable achievement.”
Westfield Specialty International forms part of Westfield Specialty, which underwrites business across the UK, US and Dubai, and expects to reach £2bn global gross written premium in 2025.
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