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Concirrus Unveils Real-time Data Tool for Aviation Risk Management

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by Caitlyn Jones
October 31, 2024
Image Credit: Pixabay
Concirrus Unveils Real-time Data Tool for Aviation Risk Management

In a move set to revolutionize the aviation insurance industry, Concirrus has introduced its new Aviation Aggregations module, which is designed to tackle key challenges faced by aviation underwriters in assessing risk exposure and managing portfolios. This module is part of Concirrus’s broader aviation platform and aims to enhance real-time data insights and advanced analytics. The Aviation Aggregations module offers several essential functionalities, including On Cover Aggregations Monitoring for real-time alerts, Airport and Country Exposure insights, Marginal Impact Analysis for assessing new business and renewals, and Customizable Dashboards for accessing real-time data efficiently.

The new module aims to transform the management of aviation exposures by delivering actionable insights and supporting smarter and faster decision-making processes. Real-time monitoring of on-cover aggregations enables insurers to receive alerts that can prevent unforeseen losses. This is complemented by detailed airport and country exposure insights that give underwriters a clearer understanding of geographical risks. Furthermore, marginal impact analysis helps insurers evaluate how new business and renewals will affect their portfolios, underlining the drive towards data-driven, real-time exposure management.

CEO Andy Yeoman has emphasized that the introduction of the Aviation Aggregations module marks a significant advancement for insurers, positioning them to remain competitive in a rapidly evolving marketplace. He noted that the overarching trend in the industry is a shift towards adopting advanced analytics and real-time data to better modernize risk management practices. This shift not only enhances decision-making but also bolsters the ability to assess both current and historical risk exposures accurately, marking a new era for aviation underwriters.

In summary, Concirrus’s Aviation Aggregations module offers innovative solutions that address the growing needs of aviation underwriters. Through enhanced tools for managing risk, the module streamlines decision-making processes and ensures that insurers can keep pace with the demands of a complex and evolving landscape. This new development underscores the importance of real-time data and advanced analytics in sharpening the competitive edge of modern insurance practices.

InsurTech

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