Dun & Bradstreet, a global provider of business decisioning data and analytics, and Concirrus, a provider of AI-powered marine insurance intelligence, have partnered to transform marine insurance globally.
The COVID pandemic, the Suez Canal blockage, man-made disasters such as Tianjin and Beirut, wars, sanctions and extreme weather have all contributed to the risk profile of vessels and their cargo becoming more important than ever to understand.
In response to these challenges, Dun & Bradstreet and Concirrus – ninth on our InsurTech 50 ranking late last year – have jointly designed a unique data and artificial intelligence solution that provides insurers with near real-time insights into their portfolio.
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This includes accumulation of cargo and values onboard each vessel; ownership, company linkages and counterparties involved in each journey; and accumulation of cargo in ports & warehouses.
Insurers will now have access to the world’s largest dataset – provided by Dun & Bradstreet – while processing this vast dataset is the Concirrus Quest platform, a modern digital risk management solution.
The Quest platform will provide a dynamic view of the global supply chain and present one of the most fundamental changes for the marine insurance industry since its inception 370 years ago.
The solution has the potential to revolutionise the process between cedents and reinsurers by providing a true understanding of the exposures in their portfolios at both the cedent and reinsurer level.
James Harrison, global head of insurance at Dun & Bradstreet, said: “The marine insurance industry has been slow to adopt digital-based solutions and data-driven approaches, however with recent geopolitical events that is definitely starting to change. D&B’s data set combined with Concirrus’ cutting-edge AI technology will bring unparalleled new insights in the form of a risk tool to the global marine insurance market.”
Andy Yeoman, CEO at Concirrus, added: “This is the solution that the market has needed for a long time and addresses a critical gap in marine insurance. By improving underwriting accuracy, and by monitoring and managing aggregations, insurers can accurately manage their capital and offer a superior solution to clients.”
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