Hiscox London Market, one of the oldest Lloyd’s of London syndicates, has entered into a partnership with InsurTech Concirrus in an effort to deliver progressive, analytics-based underwriting.
Under the terms of this new multi-year deal, Hiscox is to embed Concirrus’ behaviour-based data analytics platform, Quest Marine Hull.
An announcement on the deal states that the InsurTech’s new predictive pricing module will enable re/insurer Hiscox to analyse existing portfolios in more detail, and at the same time assess the vessels within a prospective account and determine an expected loss based on certain behavioural factors, including time at sea and port risk.
The module leverages machine learning and combines billions of rows of risk data with client’s loss and policy information, which in turn should enable underwriters to better understand the behaviours that could be predictive of claims.
The Chief Executive Officer (CEO) of Concirrus, Andrew Yeoman, commented: “Being passionate about innovation, it’s clear to see why Hiscox is one of the most successful Lloyd’s syndicates. We are very proud to have Hiscox recognise the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the market. 2020 will be the year where digitalisation becomes the norm and is no longer optional.”
Vicky Hayward, Hull and War Underwriter at Hiscox, added: “Digitalisation is the future and if we want to stay at the forefront of our industry, we must continue to evolve and harness new technologies and data sources. We are looking forward to working closely with the Concirrus team to digitalise and hone our underwriting process with powerful data analytics and capitalise on the new opportunities this presents.”
