Reinsurance News

Chaucer enters marine insurtech partnership with Concirrus

19th March 2019 - Author: Matt Sheehan

Chaucer, the specialty international (re)insurance group, has announced a new partnership with insurtech firm Concirrus, which is focused on driving technological change in the marine insurance market.

Marine shipping reinsuranceThe partnership will enable Chaucer to benefit from the use of Concirrus’ Quest Marine platform, which analyses billions of historical and real-time data to look at marine risk in a more targeted way.

Clients can combine these insights with existing underwriting expertise to support more effective portfolio segmentation and enable a differentiated approach to risk selection and pricing, Concirrus 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,” said Philip Graham, Head of Marine at Chaucer.

“Bespoke risk customisation is the ultimate goal if we want to maximise client benefits and aim to stay ahead of the competition,” he explained.

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Andrew Yeoman, Chief Executive Officer (CEO) at Concirrus, also commented: “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,” he continued.

“We’re also delighted that Chaucer will join the Concirrus Power20 – the aim of which is to create a community of like-minded visionaries from the marine insurance market to work in collaboration to achieve long term success.

“We want to bring together the marine (re)insurance market and make a difference – that is, to help the market return to profitability.”

Chaucer, which was previously owned by The Hanover, was acquired by China in December 2018 in a transaction valued at $950 million.

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