Miller, one of London’s leading insurance brokers, has extended its partnership with leading insurtech, Concirrus. Miller will continue to utilise the platform to leverage detailed analytics in the development and delivery of innovative products and services.
“Quest Marine allows us to enhance our offering to clients, utilising digitalisation and advanced behavioural insight in the assessment and placement of business. The insights available will enable us to build on our existing best-in-class approach, providing a comprehensive understanding of our clients risk profile, and ensuring we can better match capital to risk. The identification of fleet and vessel behaviour will help us to advise clients and offer new advice that could directly impact their renewal costs over time.” comments Nick Summers, Head of Direct Marine at Miller.
Quest Marine provides consistent data-led insights across the insurance value chain. With the breadth of information available, Miller’s brokers can target client improvement efforts on the most critical factors affecting the portfolio. This can relate to vessel maintenance, organisational profile, or behaviour at sea. These efforts can then translate into savings at renewal, increasing the value added through a consultancy-led approach, further enhancing client relationships.
As underwriters continue to digitalise, they are gaining a deeper understanding of changes in account performance over time. Brokers that understand how these factors affect the risk, and therefore insurers’ pricing, can work with their clients to apply the necessary measures to improve performance, resulting in both closer relationships with their clients and more desirable business for the market. When placing business, Miller will be able to leverage such detailed insight to evaluate which underwriters are best suited for each placement. Data-led conversations can also lead to terms that are structured around ongoing performance, benefiting from the real-time nature of the analysis.
For clients and underwriters that don’t have access to Quest, Miller can share insights digitally or on the trading floor ensuring that the platform delivers value for all of Miller’s network.
Andrew Yeoman, CEO of Concirrus says: “We’re excited to be working with Miller on the evolving nature of brokerage in Marine markets. Broking will see a huge change in business model, moving from a dominance of transactional business through to long-term services. Miller’s focus will showcase how brokers will become more influential in a digital future, adding value through data-led insights and long-term relationships.”