Bringing together the leading visionaries in the marine insurance market.
This year has seen continued pressure on the marine insurance market. Lloyd’s sent a strong message about the severity of the situation by insisting on remediation of marine (and other) lines of business in a bid to reverse underperformance.
Earlier this year, Jon Hancock, Performance Management Director at Lloyd’s of London, suggested that the market must do more to embrace technology to stay competitive. And whilst we’ve seen a number of Lloyd’s syndicates exiting the market, it’s been suggested that those that invest in data and technology are likely to enjoy an advantage in this challenging environment.
In recent months, Concirrus have been speaking to a number of forward-thinking marine insurance players about Quest Marine - the only portfolio-based analytics solution specifically for the marine value chain. Quest Marine is a digital platform that allows customers to analyse their portfolio, select better risk, price it appropriately, and create and buy “elastic” (re)insurance programmes.
Building on our long established relationships with industry leading data providers such as IHS Markit, Quest Marine has created thousands of insight-factors by analysing movement, ownership, port controls, casualty and claims data. In short Concirrus has created a behaviour-based risk taxonomy.
But, through our conversations with the marine market, it became clear that just having the data isn’t enough - being the sole owner of better data doesn’t help to improve profitability and the state of the market. The entire value chain would need to align behind this new view of risk.
By aligning the value chain from risk through to capital, a new market model driven by a common set of data, can be introduced. This would allow brokers, insurers, reinsurance brokers, and reinsurers to establish a common, data-driven, language to more effectively discuss the risk in their marine portfolios. There would be less ambiguity, more granular analyses, and this would allow for more refined targeted underwriting.
So, we’re bringing these leading visionaries together and creating the Concirrus Power20. The aim of the Concirrus Power20 community is to bring together like-minded marine insurance market players to work in collaboration in order to achieve long-term success. Starting in London, Concirrus will be aligning key players across the whole of the marine insurance value chain to fundamentally change the marine insurance model and help the market return to profitability.
Over the next few weeks we will be announcing our founding members. The opportunity for success is tremendous and if you’re a marine insurance visionary who is looking to change the status quo, we’d love to have you on board. Get in touch today!
About Concirrus and Quest Marine
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.