Reinsurance News

Marsh adopts Concirrus’ AI-powered platform to drive marine insights

24th October 2018 - Author: Charlie Wood

Global re/insurance broker Marsh has partnered with the London-based insurtech Concirrus and will adopt the firm’s Quest Marine platform to drive new insights and placement strategies for clients, while identifying new opportunities for digital product development in the marine insurance industry.

MarshxConcirrusQuest provides a single web application to allow commercial marine insurers to access internal data from across their organisation integrated with external, third party data.

Leveraging machine learning the platform gives clients the ability to track vessel behaviour and monitor exposure clusters across the globe; allowing for the more accurate quantification of risk.

“A significant enabler of growth and innovation, digitization is set to revolutionise the global marine industry over the next ten years,” said Marcus Baker, Chairman of Marsh’s Global Marine Practice. “Firms need to be able to leverage the very best data and technology in the market to continue to provide additional value to fleets and insurers alike.”

“We look forward to collaborating with Concirrus and leveraging Quest Marine, to assist our global marine clients in capitalising on the opportunities that this new age of digitization presents.”

Concirrus Chief Executive Officer Andrew Yeoman, said, “We are really proud to be working with Marsh. They are undoubtedly the market leader in the Marine space and their vision for a future of Marine insurance is compelling.

“This is further validation that Quest Marine now represents a production ready system to apply big data and machine learning to the specific requirements of the marine insurance markets.”

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