PriyaPatel
TLDR:
- Concirrus released a new market model with the largest pool of marine claims data.
- The model allows for benchmarking against industry datasets to predict losses accurately.
Key Elements:
Concirrus, a provider of AI-powered marine insurance intelligence, has unveiled a new market model that boasts the largest pool of marine hull claims data in the industry. This model has been developed with input from leading actuaries and marine companies to ensure that it reflects best practices in the market. The Quest platform, which hosts the market model, allows for integration of multiple models, enabling underwriters to compare them with their internal models for a broader perspective.
The CEO of Concirrus, Andrew Yeoman, highlights the model’s ability to be benchmarked against industry datasets like Cefor, increasing the accuracy of loss predictions and enhancing underwriting operations. Yeoman emphasizes the importance of risk selection and accurate pricing in light of new market capacities and potential rate softening.
Additionally, Concirrus has made enhancements to its Quest platform, including sanctions compliance, generative AI search, AI news and vessel timeline feeds, and advanced submission technology. Yeoman states that these improvements, along with the benchmarking model, solidify Concirrus as a leader in the marine InsurTech sector.
Conclusion:
The release of the new market model by Concirrus represents a significant advancement in marine insurance intelligence. By leveraging the largest pool of marine claims data and incorporating benchmarking capabilities, the model enables more accurate loss predictions and enhances underwriting operations. With the added features and enhancements to the Quest platform, Concirrus aims to maintain its position as a market leader in the marine InsurTech sector.
