Insurtech Concirrus and Arch Insurance International have entered an agreement to use behavioural analytics platform Quest Marine.
Quest Marine digitalises assessment, pricing, and monitoring of marine risk. In addition, the pricing leverages a new behavioural model that utilises the collective learnings of the market to help predict loss and premium adequacy.
Digital models are becoming more popular in insurance due to the ongoing Covid-19 pandemic. The model at Concirrus provides forecasting capabilities based on insight and learnings from across the insurance market.
Furthermore, the use of this model that aggregates understanding from multiple applications ensures that any organisation can utilise machine learning techniques.
“The marine sector is a complex and evolving risk environment. By augmenting model data with real-time information specific to the activities of individual vessels, we can assess and price risk more accurately, providing greater certainty for both our brokers and their clients,” said Jake Gibbs, head of marine & energy at Arch Insurance International.
Concirrus CEO Andrew Yeoman explained: “Digitalisation is continuing to add to the arsenal of tools insurers use to quantify risk. Predictive pricing, risk management, operational efficiencies, and automation based on real-time changes in exposure, provide opportunities for the market to adapt to new client needs. We’re excited to be working with Arch and look forward to future developments.”
Concirrus CEO Andrew Yeoman said: “As the Asia market continues to increase its share of the global marine business, it’s a natural stage of growth for Concirrus to continue to establish a sales presence in the region. We’re excited to have both Mike and Oliver on board and leading the expansion of our business into Asia Pacific; they bring global expertise and regional experience that will allow us to shape our strategy within this key market.”