Reinsurance News

North P&I partners with insurtech Concirrus

24th January 2020 - Author: Charlie Wood

North P&I Club, the UK-based marine mutual liability re/insurer, has partnered with insurtech Concirrus as it looks to bolster its loss prevention and risk assessment capabilities.

The North of England P&I AssociationConcirrus platform Quest Marine P&I brings together billions of rows of dynamic marine and customer data into a single web application.

Furthermore, the predictive risk modelling capabilities within the platform’s suite are transparent, highlighting the influential factors contributing to a risk score.

North says this approach allows underwriters, actuaries and loss prevention to more easily understand and explain each risk score, whilst applying their extensive knowledge and experience.

“The activities of the Club’s Loss Prevention department contribute significantly to the understanding of our Members’ operations, and these will be augmented by leveraging the latest machine learning techniques and behaviour-based data analytics which we can access through Quest Marine P&I,” said Colin Gillespie, Director – Loss Prevention at North.

“This in turn has the potential to bring longer term benefits to underwriting and risk selection and we believe that the platform will become an important part of our loss prevention tool kit.”

Commenting on the deal, Concirrus Chief Executive, Andrew Yeoman added, “We’re excited to have North join our client portfolio, applying Quest Marine P&I’s new risk modelling tools alongside portfolio optimisation and active risk management to enhance their extensive understanding of the market.

“North’s recent growth and investment in its digital capabilities is testament to the benefits they can pass on to their members, ensuring they move forward in their customer-centric strategy. They chose Quest after an extensive comparative evaluation of other solutions, so we’re especially pleased to be working with them.”

Print Friendly, PDF & Email

Recent Reinsurance News