Concirrus, a provider of AI-powered marine insurance intelligence, has unveiled a sanctions module to complete the development and launch of its Quest One platform.
Concirrus’ latest sanctions module provides the marine market’s first and only complete risk management solution – Quest One
From what we understand, the platform makes Concirrus the only technology partner to offer fully integrated sanctions, submission automation, an expected loss and risk analysis built on full market data, ESG monitoring, aggregations, war risk monitoring and real-time news alerts, all within one single platform.
According to the announcement, the sanctions module integrates directly into the existing Quest One platform enabling real-time collaboration across compliance, legal, and underwriting teams.
The module, which is powered by S&P Global’s sanctions intelligence, provides timely data, supports insurers in proactive risk management, and also ensures adherence to compliance standards.
Andrew Yeoman, CEO of Concirrus, commented: “This is a solution that I believe the market has been waiting for. I am hearing and witnessing many organisations becoming frustrated having to juggle different technology providers for specific elements such as mapping, sanctions, and war cover. The costs and complexities of doing this are a burden on the market. We’ve been working hard to change that and now have one platform that serves the needs of multiple user groups – brokers, underwriters, P&I clubs and fleet owners / operators, saving time and money and allowing them access to best in class technology to stay ahead of their peers.
“On sanctions specifically we operate in an ever-increasingly complex sanctions landscape and we wanted to automate both the initial assessment and ongoing monitoring across a portfolio. By harnessing daily updates from S&P Global Market Intelligence and combining this with Concirrus’ real-time monitoring this module directly addresses an urgent need for more comprehensive sanctions compliance, equipping our clients with all the tools they need for strategic decision-making, helping to mitigate the risk of sleepwalking into an unintended breach.”
