Concirrus, provider of AI-powered marine insurance intelligence, has released a new market model which it claims to be the largest pool of marine hull claims data available in the market today.
Alongside significant advances in its technology, Concirrus engaged with market-leading actuaries and marine companies to ensure that the methodology behind the model reflects market best practice.
Recognising that most marine insurer companies have traditionally developed their own actuarial teams, Concirrus’ Quest platform – which hosts the market model – can integrate multiple models, such that underwriters can compare their model with their own internal model, to provide a wider perspective.
Concirrus was ninth on our InsurTech 50 ranking last year.
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“What sets this model apart is not just the comprehensive data it’s built on, but its ability to be measured against highly respected industry datasets, including Cefor,” said Andrew Yeoman, CEO of Concirrus.
“This level of benchmarking, a first for our model, underscores the accuracy with which it can now predict both the frequency and severity of losses and help supercharge underwriting operations.
“With new capacity coming into the market, it’s inevitable that we will start to see the rates softening. Therefore, risk selection and accurate pricing is going to be more important than ever to maintain profitability and increase operational efficiency.”
In addition, Concirrus has made several enhancements to its Quest platform, including fully integrated sanctions compliance, generative AI search that leverages large language model technology, AI news and vessel timeline feeds and advanced submission technology.
“These advancements, coupled with our industry-leading benchmarking model, reinforce our position as the market leader in the marine InsurTech sector,” said Yeoman.
“Our customers work with us because we’re the only provider offering extensive risk benchmarking and a comprehensive understanding of the drivers of this risk, all within a single platform.”