Concirrus, the London based InsurTech company leading the Marine Analytics market change, has today announced that it has entered a multi-year agreement with Marsh, a global leader in insurance broking and innovative risk management solutions.
The agreement will see the two companies working together to drive the use of behavioural data in the global marine market through Concirrus’s ground-breaking Quest Marine platform. Leveraging its global distribution, marine expertise and analytics capabilities, Marsh will adopt Quest Marine to drive new insights and placement strategies for clients as well as identifying new opportunities for digital product development in the marine insurance industry.
“A significant enabler of growth and innovation, digitization is set to revolutionise the global marine industry over the next ten years,” said Marcus Baker, Chairman of Marsh’s Global Marine Practice. “Firms need to be able to leverage the very best data and technology in the market to continue to provide additional value to fleets and insurers alike.
“We look forward to collaborating with Concirrus and leveraging Quest Marine, to assist our global marine clients in capitalising on the opportunities that this new age of digitization presents.”
Concirrus CEO Andrew Yeoman, said, “We are really proud to be working with Marsh. They are undoubtedly the market leader in the Marine space and their vision for a future of Marine insurance is compelling. This is further validation that Quest Marine now represents a production ready system to apply big data and machine learning to the specific requirements of the marine insurance markets.”
Concirrus’ software, Quest Marine, uses the most advanced artificial intelligence (AI) to interpret wide-ranging datasets in real-time. Through integrating with an insurer, reinsurer or broker’s existing system, it then combines this data with historical claims information and uses AI to reveal new behavioural risk factors that can be used to identify previously hidden sources of risk and opportunity. With Quest Marine, insurers, reinsurers and brokers can accurately quantify risk; uncovering new opportunities in their portfolios, reducing losses and boosting profits.
Find out more about Quest Marine.