Maritime insurance tech startup Vanguard raises $1m

Maritime tech startup Vanguard has raised US$1 million in new funding to support the development of its automated insurance underwriting platform for maritime operations, with investors in the seed funding round including Hafnia, Motion Ventures, Portline and KGJG.

Vanguard’s platform is designed to streamline how underwriters, brokers, and shipping clients interact by automating various processes, from the initial introduction of a broker to a shipping client all the way through to the underwriter’s final decision.

Vanguard was founded with a focus on eliminating a perceived gap between technology adoption on vessels and the insurance premiums ships are being charged. Despite integrating new technologies to make their vessels smarter and safer, most operators’ premiums have remained unchanged as underwriters lack the tools and models to accurately reflect that risk reduction.

“Smarter ships are safer ships and Vanguard is here to help the marine insurance sector realise this promise too,” said Kfir Magen, Co-Founder and Investor in Vanguard.

“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 new platform plans to tailor each insurance case to specific vessel risks. For instance, with vessels seeking war insurance, the platform will integrate relevant data and coordinate with vessel managers and masters to dynamically manipulate routes and operations. Vanguard says it has already used this method to help an unnamed shipping operator reduce their existing war insurance premiums by over 50%.

The company has also entered a strategic partnership with insurance brokerage and risk management services company Gallagher, which will see Gallagher provide its marine clients with access to the platform to better manage their risk exposures and ensure they are paying the right premium.

Vanguard was a part of maritime tech venture studio Studio 30 50’s first cohort sprint, with Shanker Pillai, Head of Studio 30 50 commenting, “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.”

Share this story

About the Author

Picture of Rob O'Dwyer
Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

Further Reading

News Archive