Concirrus, the London-based insurtech company specializing in marine analytics, announced it has formed a multi-year agreement with insurance broker Marsh.
The agreement will see the two companies working together to drive the use of behavioral data in the global marine market through Concirrus’s 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.
By integrating with an insurer, reinsurer or broker’s data, the Quest Marine platform uses artificial intelligence (AI to analyze historical claims information to reveal behavioral risk factors that identify previously hidden sources of risk and opportunity.
“A significant enabler of growth and innovation, digitization is set to revolutionize the global marine industry over the next 10 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,” said Baker.
“We look forward to collaborating with Concirrus and leveraging Quest Marine, to assist our global marine clients in capitalizing on the opportunities that this new age of digitization presents.”
“[The agreement with Marsh] 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,” commented Concirrus CEO Andrew Yeoman.
With Quest Marine re/insurers and brokers can accurately quantify risk, uncover new opportunities in their portfolios, reduce losses and boost profits, said Concirrus.
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