Skuld, the Oslo-based marine insurer, has partnered with insurtech firm Concirrus to deploy its behaviour-based data analytics platform, Quest Marine.
By integrating the platform with its business systems, Skuld will be able to identify suspicious loss behaviour, develop risk monitoring insights, and advise its members on ways to reduce risk.
Advice will be given based on a behavioural risk scoring system jointly developed by Skuld and Concirrus.
The Quest Marine platform analyses historical and real-time marine data to uncover new behavioural factors that impact loss events.
These insights can provide underwriters with access to a detailed view of risk for a specific account or fleet, to improve renewal efficiency.
“The future of marine insurance involves digital tools, and Quest Marine will enhance our risk understanding and loss prevention, as well as supporting our focus on strong personal relationships and service for our members and clients,” said Ståle Hansen, Chief Executive at Skuld.
“Technology will increasingly play an integral role in improving loss ratios and loss prevention measures,” Hansen continued.
“This partnership with Concirrus is an important strand in our development of an end-to-end digital process and will provide us with proactive risk management capabilities and insights across multiple areas of our business from underwriting to sanctions, as well as legal and loss prevention.”
Concirrus CEO Andrew Yeoman also commented: “Skuld is well respected in the market, the team are at the forefront of the digital age and to have the business choose Quest Marine across Skuld P&I and Skuld Hull is a fantastic endorsement.”
“Skuld joins other leading organisations across the risk transfer market,” he added,” all of whom have chosen Concirrus to provide a common set of data that supports the insurance community and drives profitability.”
