Concirrus announces agreement with Marsh to introduce behavioural analytics into the global marine market
Concirrus, the London based InsurTech company leading the Marine Analytics market change, has today announced that it has entered a multi-year agreement with Marsh, a global leader in insurance broking and innovative risk management solutions.
The agreement will see the two companies working together to drive the use of behavioural data in the global marine market through Concirrus’s ground-breaking Quest Marine platform. Leveraging its global distribution, marine expertise and analytics capabilities, Marsh will adopt Quest Marine to drive new insights and placement strategies for clients as well as identifying new opportunities for digital product development in the marine insurance industry.
“A significant enabler of growth and innovation, digitization is set to revolutionise the global marine industry over the next ten years,” said Marcus Baker, Chairman of Marsh’s Global Marine Practice. “Firms need to be able to leverage the very best data and technology in the market to continue to provide additional value to fleets and insurers alike.
“We look forward to collaborating with Concirrus and leveraging Quest Marine, to assist our global marine clients in capitalising on the opportunities that this new age of digitization presents.”
Concirrus CEO Andrew Yeoman, said, “We are really proud to be working with Marsh. They are undoubtedly the market leader in the Marine space and their vision for a future of Marine insurance is compelling. This is further validation that Quest Marine now represents a production ready system to apply big data and machine learning to the specific requirements of the marine insurance markets.”
Concirrus’ software, Quest Marine, uses the most advanced artificial intelligence (AI) to interpret wide-ranging datasets in real-time. Through integrating with an insurer, reinsurer or broker’s existing system, it then combines this data with historical claims information and uses AI to reveal new behavioural risk factors that can be used to identify previously hidden sources of risk and opportunity. With Quest Marine, insurers, reinsurers and brokers can accurately quantify risk; uncovering new opportunities in their portfolios, reducing losses and boosting profits.
Find out more about Quest Marine.
Harriet Muir, Head of Marketing, Concirrus, Harriet.Muir@concirrus.com, +44 (0) 7740 743460
Concirrus is the creator of Quest, an artificially intelligent insurance software platform used and trusted by insurers, reinsurers and brokers within the London and global markets. With machine learning analytics and vast industry datasets, Quest enables marine and motor insurers to actively manage their risks in real time and insights that are otherwise impossible to achieve. As a result, insurers are able to offer improved products and risk pricing that reflects the needs of their customers. Concirrus was founded in 2012 and is based in London. www.concirrus.com.
Marsh is a global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.