Big data analyst, Concirrus has announced the development of its Quest Marine Cargo data analytics solution which is set to revolutionise the way that cargo insurance is priced, selected and managed.
Concirrus’ CEO, Andrew Yeoman explained “The cargo market has been characterised by declining profitability, overcapacity, inefficient processes and a paucity of data. In our effort to help alleviate these challenges, we wanted to develop a new approach that would combine clients’ own exposure and major claims data with rich external partner data and in turn, optimise the underwriters understanding of risk performance and price identification.”
The solution which will be available from Q1 2020, will fully integrate with Concirrus’ existing suite of hull and P&I capabilities, customers can now manage their marine portfolio under one dynamic platform that has been built to deliver value for the entire marine insurance ecosystem. Quest Marine Cargo will provide full analytics on the entire cargo ‘journey’ - from factory gates to customer warehouse using advanced AI combined with the very latest cargo monitoring.
Marcus Baker, Head of the Global Marine and Cargo Practice at Marsh JLT Specialty, commented, “We believe that data has a fundamental part to play in the future of our industry. With the proliferation of sensors in the cargo industry, the need for a structured and standardised approach to managing this rich seam of information is critical. We are very pleased to be collaborating with Concirrus and look forward to co-developing innovative insurance products for the marine cargo market.”
Printhan Sothinathan, Chief of Strategy at Willis Re Specialty continued, “The Cargo market is in great need of improved data sources to enhance the market’s understanding of Cargo risks and accumulations. We are excited to be at the forefront of this drive by partnering with Concirrus to develop enhanced data solutions that will benefit both insurers and reinsurers.”
This launch is a key strand of Concirrus’ wider innovation strategy which is centred around developing solutions that deliver greater efficiencies to this 300-year old industry. The company’s client base has rapidly expanded over the past 12 months where organisations from across the insurance value chain including Chaucer, Skuld and Antares have recognised the vital role digital technologies are and will continue to play in the future insurance market.