Maritime technology startup Vanguard has secured $1m in new funding to advance their automated insurance underwriting platform tailored for maritime operations.
Notable investors participating in the seed funding round include Hafnia, Motion Ventures, Portline, and KGJG, demonstrating industry confidence in Vanguard’s vision and capabilities, according to InsurTech Insights.
Vanguard’s platform is engineered to streamline interactions among underwriters, brokers, and shipping clients by automating various processes, from initial broker introductions to the underwriter’s final decisions.
The company’s core mission is to bridge the gap between technology adoption on vessels and the insurance premiums charged to ships.
Despite advancements in vessel technologies aimed at enhancing safety, insurance premiums for most operators have remained static. Vanguard’s platform aims to rectify this disparity by accurately reflecting risk reduction through innovative underwriting solutions.
Kfir Magen, co-founder and investor in Vanguard, stated, “Smarter ships are safer ships and Vanguard is here to help the marine insurance sector realise this promise too,” he said, adding: “Our holistic marine insurance platform is designed to bridge the gap between vessel operators and marine underwriters, so vessels can not only navigate the waters with greater safety but also navigate the economics of insurance fairly. This is about redefining the lifecycle of maritime operations and securing a future where technology and safety lead to tangible rewards.”
Vanguard’s latest platform iteration aims to customise insurance cases to specific vessel risks, such as those seeking war insurance.
By integrating pertinent data and collaborating with vessel managers and masters, the platform dynamically adjusts routes and operations to mitigate risks effectively. Vanguard reports notable success in reducing war insurance premiums for an undisclosed shipping operator by over 50%.
In addition to its fundraising success, Vanguard has forged a strategic partnership with insurance brokerage and risk management services company Gallagher.
This collaboration will grant Gallagher’s marine clients access to Vanguard’s platform, enhancing their ability to manage risk exposures and ensure appropriate premium payments.
Shanker Pillai, Head of Studio 30 50, commented on Vanguard’s platform, stating, “Vanguard’s platform is set to define a new standard for maritime insurance, where efficiency, safety, and cost reduction converge through technology, reshaping the industry in a significant and lasting way.”
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