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Concirrus Releases First AI Marine Insurance Platform
AI-Powered InsurTech Solution for Real Time Exposure Monitoring
London-based Insurtech company Concirrus today announced the release of their new AI-powered marine insurance analytics platform, called Quest. Quest provides a single web application to allow commercial marine insurers to access internal data from across their organization integrated with external, third party data. The first applications built on Quest allow commercial marine insurers to monitor and manage risk behaviour and exposure in real time, a major step forward in risk mitigation capabilities.
With unique machine learning technology and a simple, intuitive interface, Quest gives insurers the ability to track vessel behaviour and monitor exposure clusters across the globe. The application enables automated alerts to be set for a range of behavioural criteria and contains detailed information from over 200,000 vessels worldwide. This allows insurers to select risk more intelligently, create ‘connected policies’ whilst actively managing those risks and ultimately reducing losses.
In support of Quest, Concirrus provides a state-of-the-art secure cloud environment, Quest Discovery, to allow insurers to rapidly experiment with new datasets. Concirrus’ data science team works alongside insurers to facilitate risk discovery, new insights, and to support implementation of new products and services or business model offerings.
Concirrus CEO Andy Yeoman commented, “Quest, supported by our data science team, allows our customers to extract and unlock behavioural insight from their assets, leading to the creation of better products, pricing and profits.”
Jonathan Kalman, general partner of Eos Venture Partners, a global InsurTech investor, added, “Concirrus understands that the successful insurer of the future will survive and thrive by rapidly extracting key insights from the growing sources of data that exist both inside and outside of their organisation, and seeks to build scalable, business relevant solutions.”
The Quest platform accelerates insurers’ ability to combine traditional and new data sources to derive unique business-relevant insights. In development for over two years, the Quest platform is available immediately.
Concirrus provides analytics, artificial intelligence and software products to help insurers leverage data from the Internet of Things. Concirrus’ technology is trusted by Insurers to extract risk and insight from fast moving, complex data streams. Using a combination of advanced analytics, machine learning and intuitive software design, the Concirrus Quest platform makes sense of IoT data and allows insurers to actively manage their risk in real time.