Maritime technology startup Vanguard has successfully secured US$1 million in new funding aimed at advancing its automated insurance underwriting platform for maritime operations.
Notable investors participating in the seed funding round include Hafnia, Motion Ventures, Portline, and KGJG.
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 was established with the primary goal of addressing a perceived gap between technology adoption on vessels and the insurance premiums charged to ships. Despite advancements in vessel technologies aimed at enhancing safety, most operators’ insurance premiums have remained static due to the absence of tools and models for accurately reflecting risk reduction.
Kfir Magen, Co-Founder and Investor in Vanguard, spoke about the significance of safer ships in the maritime insurance sector.
“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.”
The company’s latest platform iteration intends 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. The collaboration will also grant Gallagher’s marine clients access to Vanguard’s platform, enabling them to better manage risk exposures and ensure appropriate premium payments.
Shanker Pillai, Head of Studio 30 50 also commented, saying, “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.”
