A new, AI-powered analytics platform from Concirrus, called Quest, tracks vessel movements and combines it with insurance details and weather data to help marine insurers monitor and manage risk.
The global insurance and reinsurance community is bracing itself as it prepares to receive the final bill relating to Hurricanes Harvey and Irma – and early indications point to massive payouts. Investment bank JP Morgan has estimated insurance damage from Harvey alone at between $10 billion and $20 billion. Other forecasts suggest that Irma may cost insurers up to $65 billion. As always, it won’t be until the dust settles and the waters retreat that most insurance companies can fully assess their losses.
With a view to speeding up the process for marine insurance companies, London-based insurtech company Concirrus recently announced the release of a new AI-powered marine insurance analytics platform, Quest. This, the company claims, will enable commercial marine insurers to combine internal data from across their organizations with external, third-party data. In turn, that will enable them to monitor and manage risk behaviour and exposure in real time.
In effect, Quest is able to track the movement of commercial vessels in near real time, combine it with information on sums insured and weather patterns, to assess the likely impact of storms and identify the level of an insured portfolio in affected areas.
The application enables automated alerts to be set for a range of behavioural criteria and contains detailed information from over 200,000 vessels worldwide. This, says Concirrus, enables insurers to select risk more intelligently, create connected policies, actively manage risk and ultimately reduce losses. The data science team at Concirrus, meanwhile, works alongside insurers to facilitate risk discovery, new insights and help them develop new products and services for customers, according to Concirrus CEO Andy Yeoman.
“Quest, supported by our data science team, allows our customers to extract and unlock behavioural insight from their assets, leading to the creation of better products, pricing and profits,” he commented.
This will be important for insurance success in the future, said Jonathan Kalman, general partner of EOS Venture Capital and an insurtech investor: “Concirrus understands that the successful insurer of the future will survive and thrive by rapidly extracting key insights from the growing success of data that exist both inside and outside of their organization, and seeks to build scalable, relevant solutions.”