London startup Concirrus uses data to improve the marine insurance market. Founded in 2012, Concirrususes large datasets such as vessel statistics, movements, local weather, machinery information, and traditional demographic data to improve how insurers view risk. By combining their datasets with historical claims data, Concirrus can use machine learning to identify the behaviours and conditions that correlate to claims.
Concirrus’ Quest Marine product offering helps insurers, re-insurers, brokers, and P&I clubs to segment and optimise their portfolios and identify new sources of risk and opportunity. By painting an accurate picture of good risk, poor risk and avoidable risk Concirrus allows clients to set better technical pricing and keep the right reserves, simultaneously reducing their exposure and increasing their profitability.
As well as improving risk for existing portfolios, the datasets provided by Concirrus can also be used to allow insurers to offer targeted coverage that reflects what a vessel is doing at any given time. Connected marine insurance policies use accurate, real-time data to provide a transparent view of risk, which can be automatically used to allow insurance customers to pay only for the coverage they need.