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.
UK disruptor Concirrus, which has widened its client base threefold over the last 12 months, has further reasons to celebrate after raising US$20 million (around £15.4 million) in its Series B funding round. Led by AlbionVC, the funding round comes hot on the heels of what the marine and automotive insurtech described as "exceptional growth" for the business, which offers a behavioural-based underwriting platform called Quest. The technology delivers portfolio management and predictive analytics using big data aggregation, artificial intelligence, and machine learning. "According to Willis Towers Watson, insurtech investment reached an all-time high in 2019 and this year will be very much characterised by companies that are able to break through," said Concirrus chief executive Andrew Yeoman. "This investment injection provides us with the financial footing to become the class leader. It also takes us on to the next stage of growth enabling us to internationalise, broaden the strength of our product offering, and diversify across multiple business lines."
North P&I Club has announced that it has chosen Concirrus as a digital partner. Concirrus's digital platform, Quest Marine P&I, will contribute to North's loss-prevention and risk-assessment capabilities, the company said. "The activities of the club's loss-prevention department contribute significantly to the understanding of our members' operations, and these will be augmented by leveraging the latest machine-learning techniques and behaviour-based data analytics, which we can access through Quest Marine P&I," said Colin Gillespie, director of loss prevention at North P&I Club. "This in turn has the potential to bring longer-term benefits to underwriting and risk selection, and we believe that the platform will become an important part of our loss-prevention tool kit." The Quest Marine P&I platform brings together billions of rows of dynamic marine and customer data into a single, customisable web application.