Insurtech company, Concirrus has announced the launch of a new submission module designed to help marine underwriters accelerate the digital assessment of new business.
It is the latest in a series of releases by the firm aimed at providing a complete solution for digital insurance and algorithmic powered syndicates.
Concirrus’ Product Director, Will Panchaud commented: “We’re heading into an age of automation and AI as the insurance market becomes increasingly digital. It has never been more important to make the underwriting process as efficient as possible.
“Our new submissions module helps underwriters spend more time on portfolio management, complex risks, and negotiation, whilst technology automates the rest. With data-led decisions becoming the norm, the speed and accuracy of triaging submissions will be a key consideration of the insurers of tomorrow.”
The COVID-19 pandemic has resulted in an increase in the use of electronic submission methods such as email, and with a hardening market, brokers are adding more underwriters as recipients of each submission.
The result is an overwhelming number of submissions to assess per underwriter. Concirrus’ submissions module looks to address this challenge.
By leveraging artificial intelligence (AI), email submissions are automatically absorbed into the Quest Marine platform, augmented with risk profile data and priced. This allows underwriters to quickly determine how new business fits risk appetite. The integration with Quest Marine makes the transition from receipt of email submissions to written policies seamless, says Concirrus.
The concept of the module is to remove the need to sift through an overflowing inbox by automatically scanning for submissions emails and drawing the data into Quest Marine.
Each submission would then be displayed in a dashboard and have the ability to be categorised by status: inbox, in review and quoted.
Submissions are supplemented with insight drawn directly from Quest Marine, indicating risk score, target premium and associated risk metrics. Forecasting capabilities stem from Quest Marine’s pricing module, ensuring premium accurately reflects the risk profile of a new account.
Panchaud continued: “By drawing on the capabilities of Quest Marine, Concirrus’ submissions module provides a comprehensive solution for today’s market needs. Whether you are looking to improve your analytics or operate a fully automated syndicate, Quest can deliver a cost-effective solution for improving combined ratios.”