Global insurer and reinsurer SCOR has adopted the Marine Hull Market Model from insurtech Concirrus to improve loss ratios within its marine line of business.
Concirrus’ Model – delivered via its data and analytics platform, Quest – leverages the insight of multiple data sources for a market-wide perspective on valuing an account, delivering a view that could not be developed by a single insurer in-house.
The scale of aggregate data used means the predictability of the market model becomes more refined and aligned with broader market trends – the outcome of which is a model that is both relevant and reliable.
Gregory Delaisse, Global Head of Marine for Specialty Insurance at SCOR, commented: “We were interested in Concirrus’ Hull Market Model, and we’re excited to work with the team to further develop this capability to ensure that it integrates and supports our own in-house model and in turn, enables us to maintain and improve our current book of business.”
Andrew Yeoman, CEO of Concirrus, said: “It’s great to be working with SCOR – a company that truly understands data and data science and the benefits it can deliver to their business.
“It’s companies like SCOR that are embracing the new era of insurance and by working together, we can enhance our modelling capabilities to ensure that they continue to deliver value to our clients and create a more sustainable future for commercial insurance.”