Insurtech firm Concirrus has announced that it will automate its digital portfolio management for marine insurance business with a new algorithmically driven underwriting application.
The application will focus on high-volume, transactional business, thereby freeing up time for conventional underwriters to focus on more complex risk.
“Innovation is solving complex problems within Marine Insurance while accelerating the adoption of digital working methods,” said Will Panchaud, Product Director at Concirrus.
“Our suite of technologies can now help clients take the next step forward and apportion significant parts of their portfolio into an automated segment. The new products and services created from this application will help cater for the changing needs of the market while integrating with current infrastructure.”
As the modules used to build the new automated workflow are drawn from Quest Marine, Concirrus’ existing platform.
Andrew Yeoman, CEO of Concirrus, also commented: “Using machine intelligence to automatically transact business will emerge as a key and non-optional feature of every market participant. By automating the placement of such business through the same tools senior underwriters use to analyse complex risk, the market gains a complete solution.”
“A solution that maximises underwriting skills and administrative efficiency with the right level of control and scalability. Resources can be allocated where they need it most so that insurers can optimise profitability and operating costs.”