London: Leading Insurtech, Concirrus has announced a new multi-year deal with Hiscox London Market, the market leading insurer of global risks. Hiscox will embed Concirrus’ behaviour-based data analytics platform, Quest Marine Hull, as part of its drive to deliver progressive, analytics-based underwriting.
Concirrus’ Chief Executive, Andrew Yeoman says: “Being passionate about innovation, it’s clear to see why Hiscox is one of the most successful Lloyd’s syndicates. We are very proud to have Hiscox recognise the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the market. 2020 will be the year where digitalisation becomes the norm and is no longer optional.”
Concirrus’ new predictive pricing module will enable Hiscox to analyse existing portfolios in greater detail, as well as assess the vessels within a prospective account and calculate an expected loss based on behavioural factors such as time at sea and port risk. Calculated using machine learning and combining billions of rows of risk data with a client’s loss and policy information, this capability will enable underwriters to better understand the behaviours that could be predictive of claims.
Vicky Hayward, Hull and War Underwriter at Hiscox comments: “Digitalisation is the future and if we want to stay at the forefront of our industry, we must continue to evolve and harness new technologies and data sources. We are looking forward to working closely with the Concirrus team to digitalise and hone our underwriting process with powerful data analytics and capitalise on the new opportunities this presents.”
Concirrus is the creator of Quest, an insurance software platform developed with, used and trusted by insureds, insurers, reinsurers and brokers around the world. Quest allows existing and new data to be ingested, understood and presented in a way that provides valuable insights to help improve loss ratios.
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy that in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.
The Hiscox Group employs over 3,300 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, ownership, courage and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com
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