Leading Insurtech, Concirrus has announced a fully automated, algorithmically driven underwriting application for Marine Insurance. A company or syndicate can use the application to triage and quote business instantly from any location, at any time. It focusses on high-volume, transactional business so that conventional underwriters can apply their expertise to more complex risk. Automating the management of a digital portfolio makes insurers more efficient and competitive.
Will Panchaud, Product Director at Concirrus explains: “Innovation is solving complex problems within Marine Insurance while accelerating the adoption of digital working methods. Our suite of technologies can now help clients take the next step forward and apportion significant parts of their portfolio into an automated segment. The new products and services created from this application will help cater for the changing needs of the market while integrating with current infrastructure.”
Concirrus’ existing Quest Marine platform is used by multiple industry leaders. This new application combines submissions, analytics, pricing, and live monitoring capabilities into a completely automated workflow. Risk assessment leverages behavioural data, as well as market insight, to calculate an expected loss relative to line size. The criteria used to determine whether a risk is in appetite is set by underwriters and can be adjusted on demand.
As the modules used to build the fully automated workflow are drawn from Quest Marine, the application can integrate directly into the wider platform. Doing so allows for end-to-end portfolio monitoring so that criteria can be amended based on results.
Andrew Yeoman, CEO of Concirrus comments further: “Using machine intelligence to automatically transact business will emerge as a key and non-optional feature of every market participant. By automating the placement of such business through the same tools senior underwriters use to analyse complex risk, the market gains a complete solution. A solution that maximises underwriting skills and administrative efficiency with the right level of control and scalability. Resources can be allocated where they need it most so that insurers can optimise profitability and operating costs.”