London-based insurtech firm Concirrus has announced the launch of its new cargo data analytics solution, called Quest Marine Cargo.
The solution, which will be available from the first quarter of 2020, will fully integrate with Concirrus’ existing suite of hull and P&I capabilities, allowing customers to manage their marine portfolio under one platform.
Quest Marine Cargo will utilised advanced artificial intelligence (AI) in combination with the latest cargo monitory to provide full analytics from on the entire cargo journey.
“The cargo market has been characterised by declining profitability, overcapacity, inefficient processes and a paucity of data,” said Andrew Yeoman, CEO at Concirrus.
“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.”
Marcus Baker, Head of the Global Marine and Cargo Practice at Marsh JLT Specialty, also commented: “We believe that data has a fundamental part to play in the future of our industry. With the proliferation of sensors in the cargo industry, the need for a structured and standardised approach to managing this rich seam of information is critical.”
“We are very pleased to be collaborating with Concirrus and look forward to co-developing innovative insurance products for the marine cargo market,” he added.
Printhan Sothinathan, Chief of Strategy at Willis Re Specialty, further stated: “The Cargo market is in great need of improved data sources to enhance the market’s understanding of Cargo risks and accumulations.”
“We are excited to be at the forefront of this drive by partnering with Concirrus to develop enhanced data solutions that will benefit both insurers and reinsurers.”
The launch of Quest Marine Cargo forms part of Concirrus’s wider innovation strategy, and follows the announcement of a new partnership with marine insurer Skuld.