Transatlantic Holdings, the reinsurance arm of the Alleghany Corporation, is to partner with London-based insurtech Concirrus on the development of data-driven reinsurance programs for marine insurers.
To better assess risk across its portfolio TransRe will be leveraging Concirrus’ Quest Marine insurance software.
Quest provides a single web application to allow commercial marine insurers to access internal data from across their organisation integrated with external, third party data.
Furthermore, the software uses the Internet of Things (IoT) to access behavioural data such as vessel movement, location and condition, and crew behaviour to build a profile of each vessel’s risk.
This tech-driven solution is an attempt at updating an industry which, until now, has largely relied on more basic information like age, size and vessel type.
By using more detailed data in this way, it’s hoped insurers and brokers working with TransRe will be able to take a more calculated risk on the vessels they insure.
“There is inherent uncertainty when creating reinsurance programs due to a lack of definitive data about a portfolio’s aggregate risk,” states Andrew Yeoman, Chief Executive Officer of Concirrus.
“Quest Marine enables an insurer to have a data-driven dialog with its reinsurer, which will reduce the frictional cost of doing business together. We look forward to working with TransRe to offer compelling marine solutions to our joint customers.”
Peter Clements, TransRe’s Global Marine Leader, added, “We have been monitoring data and analytics developments in the marine market very closely, and we believe that Concirrus has the most compelling proposition.”