Osprey & Insurwave Partner to Transform Aviation Risk Data

Insurwave, a London-based insurtech platform for specialty insurance, has announced a strategic partnership with Osprey Flight Solutions, a provider of aviation risk management services. 

The collaboration aims to integrate flight security information with insurance technology to address growing challenges in the sector.

Industry Challenges

The partnership comes at a time when geopolitical tensions have created new complexities for aviation insurers. 

Recent incidents, such as aviation events over Russia, have demonstrated the need for more sophisticated risk assessment capabilities in the industry.

The integration combines Osprey's aeronautical threat intelligence with Insurwave's data aggregation and visualisation technology. 

This combination enables underwriters, risk managers and brokers to access consolidated information about aviation security risks and exposure data through a single interface.

Technology Integration

The system addresses several technical obstacles facing the aviation insurance market, including aircraft misidentification in conflict zones. 

This issue occurs when military systems incorrectly classify civilian aircraft as hostile targets, creating significant liability concerns for insurers.

“In today's dynamic aviation landscape, staying ahead of risks is critical,” says Richard Archer, Chief Strategy Officer of Insurwave. 

“Our partnership with Osprey Flight Solutions underscores our commitment to equipping insurance professionals with tools that provide unparalleled accuracy and efficiency in assessing and managing risk. 

“Together, we're setting new benchmarks for the aviation insurance market.”

The technology collaboration focuses on real-time risk insights, which refers to immediate information about developing threats rather than historical data analysis.

This approach allows insurers to adjust coverage parameters quickly when conditions change in specific regions or flight paths.

Data-Driven Decision Making

The partnership delivers exposure management tools, which are systems that allow insurers to monitor their total financial risk across multiple policies and regions. 

This capability helps companies maintain appropriate capital reserves and diversify their risk portfolios effectively.

These mechanisms consolidate information from multiple sources into a unified interface. 

This consolidation reduces the need for insurance professionals to navigate between different systems when making underwriting decisions.

The flight risk information provided includes details about airspace restrictions, conflict zones, historical incident patterns and emerging threats. 

This comprehensive dataset allows for more accurate premium calculations and coverage decisions.

For brokers, the solution provides documentation to support client conversations about premium adjustments or coverage limitations based on specific risk factors identified through the system.

"This partnership represents a significant step forward in aviation risk management," explains Andrew Nicholson, Chief Executive Officer of Osprey Flight Solutions. 

"By combining Osprey's ability to deliver precise, actionable aviation risk data with Insurwave's industry-leading insurance platform, we are creating a game-changing capability. 

“We empower our clients to navigate the ever-evolving array of aviation security risks with confidence, clarity, and efficiency, enhancing the safety and security of global flight operations."

Make sure you check out the latest industry news and insights at InsurTech and be part of the conversation at our global conference series, FinTech LIVE.

Discover all our upcoming events and secure your tickets today.

InsurTech is a BizClik brand