This partnership will enable real-time fluctuations in global shipping fleet market values, demolition values and newbuild values to be added to Concirrus’ predictive risk models. Concirrus’ marine insurance risk models empower (Re)Insurers to respond quickly to changing market conditions and client behaviours, helping to mitigate risk by improving risk selection, pricing and ongoing risk management activities.
Tom Evans, Chief Operating Officer at VesselsValue commented: ‘2020 has proven challenging for the shipping industry with Covid-19 significantly impacting demand and in turn, the values of a variety of vessel types. Our mission is to bring new levels of objectivity, consistency and transparency to the marine industry, which is why we are delighted to be working with Concirrus. We look forward to providing new insights to the marine insurance community to help (Re)Insurers realise a more sustainable future.’
Traditionally, vessel valuation data has not been accessible to (Re)Insurers on a large scale at a commercially viable price point which has limited onboarding of data to their insured client base. Furthermore, the information would usually only cover static market values and so, market fluctuations could be easily missed. Concirrus’ clients will be able to keep track of the impact of these market value fluctuations in relation to risk to more effectively manage underwriting performance in real-time.
‘We pride ourselves on having the highest quality data and ecosystem of partners as it’s vital to the future success of our clients. VesselsValue data will facilitate the development of new predictive features within our Quest Marine platform, delivering more accurate loss estimates for our clients and the wider insurance market.’ stated James Whitlam, Data Strategist at Concirrus.
With Covid-19 accelerating digitalisation within marine insurance, the automatic ingestion and analysis of vast datasets to enable faster, data-driven decision making is essential for the future of underwriting.