Big data analyst, Concirrus has announced the development of its Quest Marine Cargo data analytics solution which is set to revolutionise the way that cargo insurance is priced, selected and managed. Concirrus' CEO, Andrew Yeoman explained "The cargo market has been characterised by declining profitability, overcapacity, inefficient processes and a paucity of data. In our effort to help alleviate these challenges, we wanted to develop a new approach that would combine clients' own exposure and major claims data with rich external partner data and in turn, optimise the underwriters understanding of risk performance and price identification." The solution which will be available from Q1 2020, will fully integrate with Concirrus' existing suite of hull and P&I capabilities, customers can now manage their marine portfolio under one dynamic platform that has been built to deliver value for the entire marine insurance ecosystem. Quest Marine Cargo will provide full analytics on the entire cargo'journey' - from factory gates to customer warehouse using advanced AI combined with the very latest cargo monitoring.
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector's traditional demographic based underwriting models, which rely on data like the age, size and flag of a vessel, and which are under increasing pressure to underwrite risks better and faster. Concirrus has developed AI-driven software that utilises new sensor, machine and analytical capabilities, which can help re/insurers better understand their exposures and control claims. Harnessing these technologies at scale, the partnership will allow marine re/insurers to better manage their risk portfolio and develop more accurate underwriting models by utilising behaviour analysis and considering factors like a vessel's speed and location. Chris Payne, Head of Insurance Technology, Europe, Middle East, India & Africa (EMEIA) at EY, said: "Driving innovation within the specialty insurance market is something we are very focused on.
Eos Venture Partners' strategic insurtech fund has made its first two investments. The UK-based specialist venture capital fund, working through its debut EVP 1 fund, committed early financing to Concirrus, a marine insurance analytics platform and Digital Fineprint (DFP) which makes an SME-focused lead generation and underwriting product. Concirrus uses software with artificial intelligence tech to help marine insurers move to behavioral based underwriting. The software provides behavioral analysis that considers hundreds of factors including a ship's location and speed to offer more accurate underwriting models. It accesses and interprets vast datasets, such as vessel statistics, movements, cargo and machinery information, and combines this with historical claims information to reveal the behaviors that correlate with underwriting and claims.
Across Europe, insurers spend billions of dollars every year in just claim processing costs, and they need help changing this, according to Lex Tan, founder of insurtech startup MotionsCloud. Tan is one of more than 20 startup founders discussing the insurance market at the annual Intelligent InsurTECH conference on October 3 in London. Click here to find out more. Munich-based MotionsCloud provides an intelligent claims solution for P&C insurers to streamline and automate claims processes. The startup utilises image recognition technology and deep learning technology to identify damage through photos.
David Ripton, who was chief executive for marine UK at Marsh, has adjusted his sails to return to Willis Towers Watson. The marine insurance expert brings more than three decades of experience to his new role as head of broking for global marine at Willis Towers Watson's corporate risk and broking unit, based in Great Britain. He left the Willis cargo team in 2006 to join Marsh. As part of the global marine management team, Ripton will be in charge of leading the global marine broking strategy, including facility development and panels as well as the enhanced use of data and analytics. Global head of marine Ben Abraham believes the appointment illustrates the brokerage giant's continued investment into its global marine business.