Willis Re has entered into a strategic partnership with UK-based insurtech firm Concirrus to use the data from the Internet of Things (IoT) to transform specialty re-insurance products.
Willis Re, which operates as the reinsurance unit of Willis Towers Watson, will join Concirrus’ collaborative community called Power20.
Concirrus CEO Andrew Yeoman said: “It’s difficult to overstate the gravitas that Willis Re has in the market. We’re excited to start working alongside the team to apply behavioural analytics to the specialty reinsurance markets.”
“This is all about ensuring that the building blocks are in place to help the market return to profitability and we’re looking forward to supporting our clients through this transformation journey.”
Concirrus has developed Quest, an insurance software platform for insureds, insurers, reinsurers and brokers. The platform pools existing and new data and then analyses and presents in a way that offer valuable insights to help improve loss ratios.
Quest, a cloud-based, scalable enterprise grade solution, analyses billions of historical and real-time data sets to derive new behavioural factors that can be used to assess and optimise risk management portfolios.
Willis Re Specialty chief of strategy Printhan Sothinathan said: “The evolution of the insurance space embracing the digital era has now reached the shores of specialty business lines.
“Our strategy is to lead this new digital era with like-minded (re)insurance partners. Together, we will develop methods and products that will reward early adopters by delivering positive client results.”