Concirrus, an AI insurtech company, has recently announced the launch of an updated market model that is expected to bring together the world’s largest pool of marine hull claims data.
To ensure alignment with market best practices, Concirrus collaborated closely with top actuaries and marine firms during the development of the model.
Hosted on its Quest platform, the model offers the unique capability to integrate multiple models, enabling underwriters to compare with their internal models for a broader perspective.
This model, according to Andrew Yeoman, CEO of Concirrus, distinguishes itself not only for its extensive data foundation but also for its ability to compare against respected industry datasets like Cefor.
Yeoman emphasises, “This level of benchmarking, a first for our model, underscores the accuracy with which it can now predict both the frequency and severity of losses and help supercharge underwriting operations.”
Yeoman further stresses the importance of precise risk selection and pricing, particularly with the anticipated softening of rates due to new market capacity.
Concirrus has also enhanced its Quest platform with features such as fully integrated sanctions compliance, advanced AI-powered search capabilities, AI news, vessel timeline feeds, and improved submission technology.
Yeoman affirms the significance of these advancements, stating that they “reinforce our position as the market leader in the marine insurtech sector,”
“Our customers work with us because we’re the only provider offering extensive risk benchmarking and a comprehensive understanding of the drivers of this risk, all within a single platform,” Yeoman adds.
Overall, Concirrus’s latest market model, coupled with enhancements to its Quest platform, solidifies its position as a pioneering force in the marine insurtech industry, offering precise risk assessment capabilities and comprehensive solutions to clients worldwide.
