InsurTech firm Insurwave has agreed to sell off its AI submission ingestion capability to AI processing company Portage AI, as part of a strategic transaction.
The deal, which includes associated technology assets and a specialist engineering team, is designed to accelerate AI-driven submission processing and real-time data intelligence across the specialty insurance market, while allowing Insurwave to sharpen its focus on exposure management and connected risk analytics.
Following the transaction, Insurwave will concentrate on further developing its core platform, which provides insurers, brokers and insureds with real-time visibility of exposure across complex specialty portfolios including marine and aviation.
The company said it will continue investing in AI models, asset intelligence and entity-level data to enhance underwriting insight and portfolio monitoring.
Portage AI will integrate the acquired capability into its existing submission processing offering, which is designed to convert slip and placement data into structured outputs within hours rather than days.
The company plans to extend the technology into delegated binder workflows across commercial property, marine, terror and power classes, alongside applications for specialty reinsurers in London, Bermuda and the US.
“The Insurwave AI platform and team have developed into a highly sophisticated capability that addresses an important operational challenge within specialty insurance submission workflows,” said Adrian Morgan, Chief Executive of Insurwave.
“We are proud of what has been achieved and believe Portage AI is the right strategic home to accelerate the platform’s next phase of growth and innovation.”
Morgan said the transaction enables Insurwave to focus on advancing its real-time underwriting intelligence and exposure analytics capabilities.
“As the market becomes increasingly data-driven, we see a significant opportunity to help insurers, brokers and insureds make faster, more informed decisions,” he said.
Portage AI Chief Executive Greg Framke said the acquisition strengthens the company’s position in specialty insurance automation.
“This platform represents a highly compelling application of AI within specialty insurance operations, combining deep market expertise with fast and accurate ingestion and workflow capabilities,” he said.
“We’re very excited to welcome the team to Portage AI UK Limited. As demand for AI-enabled operational intelligence accelerates across the global insurance market, we will continue investing in the platform’s development.”
The companies said they will continue to collaborate following the transaction as they expand digital capabilities across the specialty insurance value chain.
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