Concirrus and Arch Team Up on Quest Marine Platform

Leading insurtech, Concirrus and Arch Insurance International, part of Arch Capital Group Ltd. (ACGL), have entered into an agreement to use the behavioural analytics platform, Quest Marine. Quest Marine digitalises the assessment, pricing, and monitoring of marine risk for new and existing business. Pricing leverages a new behavioural model that applies the collective learnings of the market to predict an expected loss and premium adequacy.

“The marine sector is a complex and evolving risk environment. By augmenting model data with real-time information specific to the activities of individual vessels, we can assess and price risk more accurately, providing greater certainty for both our brokers and their clients,” comments Jake Gibbs, Head of Marine & Energy at Arch Insurance International.

Digital operating models are becoming more prevalent due to both the changing insurance marketplace and the ongoing pandemic. The application of algorithms that draw insight from big data allows for the further segmentation of risk, highlighting new trends that can be applied to risk assessment.

Concirrus’ new ‘market model’ provides advanced premium forecasting capabilities based on insight and learnings from across the insurance market. The use of a model that aggregates understanding from multiple applications ensures that any organisation, regardless of size or available data, can utilise the latest machine learning techniques in day-to-day operations.

Valuations generated from the market model include an expected loss, suggested premium and a detailed analysis of premium adequacy. The risk factors contributing to these valuations are clearly broken down and categorised as either positive or negative, and ranked in terms of influence.

Concirrus’ CEO, Andrew Yeoman explains: “Digitalisation is continuing to add to the arsenal of tools insurers use to quantify risk. Predictive pricing, risk management, operational efficiencies, and automation based on real-time changes in exposure, provide opportunities for the market to adapt to new client needs. We’re excited to be working with Arch and look forward to future developments.”

About alastair walker 6824 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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