Insurtech Concirrus has entered into an agreement with risk management MGA, Cargocorp Underwriters to help digitalise their cargo insurance business in Latin and North America.
Concirrus’ Quest platform is an AI powered, predictive analytics set of applications for speciality insurance.
It will be used to segment, price and underwrite cargo risk, deriving loss valuations from Concirrus’ predictive pricing model and CargoCorp’s 20 years’ worth of experience of cargo underwriting and loss data.
The platform leverages transit exposure for analysis that is more accurate than typical NatCat methods.
Added intelligence will help the MGA’s Underwriters tailor propositions and make more informed decisions. Senior Underwriters will use insight to innovate, whilst Junior Underwriters will accelerate on boarding to make independent decisions.
Automation will ensure all Underwriters can consider more business by processing transactional risk based on set criteria. These benefits provide a significant operational advantage, reducing the cost of capacity, whilst facilitating the move to the North American market.
Juan Carlos Martinez, CEO, Cargocorp Underwriters commented: “Cargo is a very complex sector and access to data determines how well you can quantify exposure. Our technical history has provided us with two decades worth of intelligence on over 60 variables of each insured.
“Combining such an understanding with Concirrus’ modelling capabilities, and third-party data lake, will give us new insights that will drive exceptional service in any territory.”
Andrew Yeoman, CEO of Concirrus added: “Recent events have reinforced the need for digitalisation in the cargo market. In today’s competitive market it has never been more important to respond quickly to customers while ensuring that you are correctly assessing and pricing risk.
“Having instant access to a wide set of data, in real-time will entirely transform the way business is assessed. Becoming the digital platform of choice for Cargocorp Underwriters is a great privilege and we’re very much looking forward to seeing the impact of our work together.”