Insurtech Concirrus has partnered with Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs to develop and deliver predictive data models for enhanced cargo risk management and pricing insights.
London-based Concirrus helps commercial insurers to accelerate digital strategies using artificial intelligence (AI).
Its global base of customers includes underwriters, P&I clubs, and brokers, who use its solutions to improve pricing decisions and automate underwriting operations.
Through this partnership, insurity’s Marine Suite solution will integrate with Concirrus’ advanced analytics tools, enabling insurers to unlock the knowledge in the Insurity solution and create innovative pricing models, the insurtech explains.
By leveraging insurity’s customer claim and shipment data, Concirrus will develop predictive models that adapt to the world’s supply chain dynamics. Insurity will provide an out-of-the-box connection to Concirrus applications, ensuring insurers can access and utilise these data-driven insights for informed decision-making.
Andrew Yeoman, Chief Executive Officer at Concirrus, commented: “We are thrilled to be partnering with Insurity to deliver advanced analytics and a contemporary operating platform,”
“We operate in an environment where customers value integrated solutions that genuinely bring the best of all worlds. Insurity has the market-leading platform for declaration management and certificate issuance, and by bringing our capabilities together, Insurity customers benefit from a compelling analytics solution that ‘unlocks’ insights to drive efficiencies, reduce losses, and boost profits.”
“The logistics industry generates massive volumes of data related to global shipments, creating an urgent need to revolutionise pricing strategies and cargo risk management,” said Sylvester Mathis, Chief Insurance Officer at Insurity.
Adding: “Harnessing the power of this data and extracting valuable insights has become pivotal for our marine cargo customers. This partnership enables Insurity to provide modern, predictive analytics to our customer base without the expense of building and maintaining the models themselves.”
