Lloyd’s syndicate Antares licenses Quest Marine for data-driven underwriting
Antares, the Lloyd’s managing agent and member of the QIC Group, has today announced that they are working with Concirrus, the London-based InsurTech company leading the marine analytics market change.
The agreement sees Antares adopting Concirrus’ Quest Marine data and analytics software. Antares will leverage Quest Marine to drive data-driven underwriting at Lloyd’s, identify new opportunities for growth and streamline operations to reduce some of the high costs of doing business.
As part of the agreement, Antares will have access to Concirrus’ unique behavioural insights, derived by applying machine learning and proprietary technology to a wide range of data sets such as IHS Markit.
In challenging market conditions, Antares sees Quest Marine as a key part of their business strategy to increase profitability, deliver on their business plan, identify new opportunities in collaboration with other Concirrus customers while at the same time delivering a first-class product to its clients.
“We have been considering the adoption of data and analytics in marine for some time and we are delighted to be working with Concirrus. After assessing different offerings in the market, it was clear that Quest Marine would deliver the most value and that Concirrus’ vision for the marine market was very closely aligned with our own,” says John Potter, Head of Marine and Aviation for Antares.
“While the current market concerns are justified, there remain many aspects to the way we do business that can be improved. I am confident that working with Quest Marine and Concirrus will help us to write marine business in a more targeted, customer-centric and therefore more profitable way,” John says.
Concirrus Head of Sales, Mark Phillips says Concirrus is thrilled to be working with Antares.
“We have been incredibly impressed with Antares’ approach to innovation and commitment to digitisation and analytics in the marine market.
Having recently announced our partnership with Marsh, it's great to see another company committing to our product that shares our vision for the future.
Even more exciting is seeing our customers working together to uncover new ways of structuring, pricing and distributing marine insurance. This is further validation that the product we have built can help steer syndicates through the current challenging environment and towards profitability,” Mark says.
For more on how to tackle the Lloyds environment for marine insurers, check out this blog .
About Quest Marine
Concirrus’ software, Quest Marine, helps insurers, reinsurers and brokers accurately quantify risk, uncover new opportunities in their portfolios, reduce losses and boost profits. Quest Marine uses the most advanced Artificial Intelligence (AI) to interpret wide-ranging industry datasets and, through integrating with an insurer, reinsurer or broker’s existing system, combines these with historical claims information to reveal new behavioural risk factors. Empowered with these new insights, insurers, reinsurers and brokers can write a better book of business. https://www.concirrus.com/quest-marine.
Antares is an established independent Managing Agent at Lloyd’s, the world’s global insurance and reinsurance market of choice. As Syndicate 1274, we deliver a worldwide diversified range of Property, Casualty, Marine and Aviation underwriting services through our highly experienced team of underwriters. Since its launch, the syndicate has successfully developed and grown its capacity from £135m to £350m in 2017. Antares was acquired by QIC in June 2014. For more information, please visit www.antaresunderwriting.com.
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.