InsurTech company Concirrus has released an updated version of its artificial intelligence (AI) powered data analysis software, Quest Marine 2.0, to enable Lloyd’s marine syndicates to remediate their portfolios.
Quest Marine is designed to allows re/insurers and brokers to analyse their entire historical portfolio in seconds, using machine learning algorithms that look at existing claims and exposure data.
It combines customer information with Concirrus’ behavioural datasets to provide detailed insights about individual vessels, fleets, policies, or an entire book of business.
The updated software will enable clients to understand how much capital they have deployed, their exposures, and their real-time risks as they emerge, in addition to helping them select risks that will improve loss-ratios.
“It has been a very busy 12 months for us, delivering some ten customer projects with insurers, brokers and shippers,” said Andrew Yeoman, Chief Executive Officer (CEO) at Concirrus.
“Our goal has always been quite simple, to add value to our customers by creating software that is easy-to-use, delivers immediate results, is automated and marine specific. Therefore, we are very excited to announce the culmination of all of this work – Quest Marine 2.0.”
Lloyd’s recently warned its marine syndicates that they have three months to develop credible plans to end their losses.
“Quest Marine would allow these syndicates to instantly have a view of the risk across their entire portfolio and take immediate remedial action to ensure profitability,” Yeoman explained.
“It is exactly what the marine market needs at a time of increasing pressure, and we are certainly seeing more and more urgency to adopt the software from those insurers and brokers we are already engaged with.”
Yeoman also revealed that Concirrus will be launching its first connected marine policy in the Greek market through a new partnership with Greek shipping broker Seascope Hellas.
The announcement follows Concissus’ partnership with multinational professional services firm Ernst & Young (EY) in April 2018, which aims to use Concirrus’ software to support the adoption of behavioural-based underwriting and risk management in marine insurance.