Specialty global re/insurance group Chaucer has forged a new partnership with insurtech firm Concirrus to use its data analytics platform to improve marine insurance underwriting capabilities.
As part of the collaboration, Chaucer’s marine team will be able to access Quest Marine platform that scrutinises billions of historical and real-time marine data to explore marine risk in a more targeted manner.
Clients will be able to pool the insights with existing underwriting expertise to develop their own enhanced view of marine risk.
This will facilitate more effective portfolio segmentation and provide a differentiated approach to risk selection and pricing.
Marine insurtech platform: greater value?
Chaucer head of marine Philip Graham said: “Deploying the Concirrus data analytics platform, Quest Marine, will help us to deliver greater intrinsic value to clients as we enhance our existing underwriting expertise with data-driven behavioural risk factors.
“Bespoke risk customisation is the ultimate goal if we want to maximise client benefits and aim to stay ahead of the competition.”
Concirrus CEO Andrew Yeoman said: “It’s great to be working with Chaucer – an organisation that clearly recognises the vital role technology will play in the future of the insurance market.
“Our Quest Marine platform is making its mark on the industry with organisations spanning the whole of the sector taking stock of the many benefits it can offer.”
Additionally, Chaucer will join the Concirrus Power20 to create a community of compatible visionaries from the marine insurance market to work in collaboration to achieve long term success, Yeoman further added.
In December 2018, China Reinsurance (Group) (China Re) acquired Chaucer form Hanover Insurance Group for $950m.
Headquartered in London, Chaucer manages its international hubs for Europe, Latin America and Asia, and protects clients in more than 200 countries and territories across the globe.