TransRe has partnered with marine analytics insurtech company firm Concirrus to jointly develop data-driven reinsurance programmes for marine insurers across the globe.
Additionally, TransRe will also join Concirrus’ Digital Power20, a group of insurance experts, as part of this collaboration.
The group will work together to evaluate how technology can be used to primarily change the marine insurance model to the benefit of all concerned parties.
Concirrus has developed Quest Marine, an artificial intelligence powered insurance software platform Quest Marine.
The reinsurance marine platform will allow the teams to assess and monitor the changes in marine portfolios to develop customised reinsurance structures.
Additionally, Quest provides new insights and empowers insurance companies to actively manage their risks in real time.
Concirrus CEO Andrew Yeoman said: “There is inherent uncertainty when creating reinsurance programs due to a lack of definitive data about a portfolio’s aggregate risk.
“Quest Marine enables an insurer to have a data-driven dialog with its reinsurer, which will reduce the frictional cost of doing business together. We look forward to working with TransRe to offer compelling marine solutions to our joint customers.”
TransRe global marine leader Peter Clements stated: “We have been monitoring data and analytics developments in the marine market very closely, and we believe that Concirrus has the most compelling proposition.
“Concirrus has created the ‘Digital Power 20’, a unique community of industry partners to drive powerful digital change, and we are pleased to be a part of that future.”