Concirrus Unveils Advanced Marine Insurance Data Model on Quest

March 8, 2024

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Concirrus Unveils Advanced Marine Insurance Data Model on Quest

Concirrus has taken a giant leap in insurtech with the advanced Quest platform’s marine insurance data model, integrating vast amounts of global marine hull claims data. This breakthrough assists insurers in enhancing their underwriting accuracy. Crafted with insights from leading actuaries and top marine insurers, the model upholds industry standards and empowers insurers to compare and benchmark with superior precision. It includes access to a wide range of data, enriched with analytics from the respected Cefor Institute. This integration sets a new standard in data utilization for insurers, positioning them to leverage this wealth of information for better risk management and decision-making processes. Concirrus’s Quest platform is at the forefront of revolutionizing how marine insurers leverage data, offering an edge in a competitive market.

Empowering Underwriters with Predictive Insights

This enhanced data model is not just a repository of claims information, it is a robust tool that empowers underwriters with predictive accuracy for loss frequency and severity. Andrew Yeoman, CEO of Concirrus, emphasizes the model’s utility in bolstering underwriting standards, especially in a market that’s anticipating a rate softening due to a rise in capacity. The Quest platform, equipped with this advanced model, sets up underwriters for success by allowing them to forecast and navigate the evolving marine insurance landscape with greater confidence. By tapping into the predictive capabilities of the model, underwriters can make more informed decisions, enhancing their performance in an increasingly competitive field.

Enhancements Reinforcing a Market Leader

The robustness of the Quest platform is further exemplified through substantial upgrades that include sanctions compliance, advanced AI search functionalities, AI-curated news, comprehensive vessel timelines, and refined submission technology. Each of these enhancements serves to reinforce Concirrus’s leadership in the marine insurtech space, offering a more superior, efficient, and comprehensive risk benchmarking tool. The aim is clear: to facilitate a deeper understanding of the comprehensive risk drivers within one singular platform. For Concirrus’s global clientele, this means sharper risk selection, more precise pricing strategies, and ultimately, enriched operations and client offerings. In the grand scheme, Concirrus is not merely contributing to the evolution of marine insurance; it is actively shaping it through its advanced data and analytics capabilities.

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