Westfield Specialty International, which owns Lloyd’s Syndicate 1200, has signed a partnership agreement with London-based insurtech, Insurwave. It said the collaboration would help it to improve its existing catastrophe and capital modelling processes and to enhance its reporting capabilities to the Lloyd’s market.

Under the agreement, Insurwave’s platform will act as a gateway for submissions to Westfield, enabling it to extract, standardise and enrich data for catastrophe and flood modelling purposes as well as pricing.

Richard Archer, chief strategy officer at Insurwave, said: “The role of AI in specialty insurance will continue to grow, and we’re pleased that 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: “To be able to transition from a largely manual, cat modelling-pricing-portfolio roll-up and optimisation process, into a fully digital/AI-driven ecosystem within 12 months is a remarkable achievement.

“Enabling our underwriters to respond quickly to the market is a real competitive advantage for the syndicate as we navigate soft market conditions and position the business to flourish over the long term.”