AEGIS London has recently announced the deployment of machine learning technologies that help underwriters better evaluate, price, and manage risk via Concirrus’ Quest Marine platform.
Leveraging big data, Quest Marine derives the behavioural factors behind risk and applies them, along with static data, to predict accurately the expected loss and premium adequacy on an account.
“In addition to our highly successful quote and bind platform, OPAL, this is another great stride towards digitalising our business. Working with organisations like Concirrus accelerates our strategic deployment of tools that enable underwriters to apply their extensive expertise to a changing landscape. The application of behavioural factors to the evaluation of risk allows for further differentiation at individual vessel level, giving us a clearer understanding of performance and allowing us to better tailor products and coverage to our clients’ needs.” comments Jonathan Humm, Class Underwriter – Hull and War, AEGIS.
Today’s insurance market is transitioning to a fully digital operating model, combining the expertise of human capital with the rich understanding of big data. Algorithmic-led analysis is ensuring carriers can assess and value risk more accurately amidst a hardening market.
AEGIS London utilise Concirrus’ new market model. The model draws on insight and learnings from across the insurance industry to provide valuations as opposed to a bespoke build from specific claims data. The results drawn from the model are more reflective of the overall market, yielding further accuracy in the qualification of risk factors. Underwriters will also receive a comprehensive understanding of individual vessel risk ratings and how they affect each valuation. Decisions backed by such intelligence improve portfolio performance and customer service.
“AEGIS London are no strangers to digital working methods and it’s great to be working with them on the application of behavioural insight on pricing. With our transparent approach, AEGIS London can identify what risk factors are driving the outcome and, if written, manage their influence. The market model is a powerful example of what the InsurTech sector can deliver to an industry that’s rapidly changing its core working practices.” explains Andrew Yeoman, CEO, Concirrus.
AEGIS London will also utilise the real-time risk monitoring features of Quest Marine, allowing underwriters to have a continuous view of risk and respond to protect the insured in changing circumstances.