Cargocorp Underwriters digitalise cargo insurance operation with Concirrus

Data-driven, risk management MGA, Cargocorp Underwriters, has entered into an agreement with leading insurtech Concirrus to digitalise their cargo insurance business in Latin and North America. Concirrus’ Quest platform is a predictive analytics set of applications for speciality insurance. It will be used to segment, price and underwrite cargo risk, deriving loss valuations from Concirrus’ predictive pricing model and CargoCorp’s 20+ years of cargo underwriting and loss data.

“Cargo is a very complex sector and access to data determines how well you can quantify exposure. Our technical history has provided us with two decades worth of intelligence on over 60 variables of each insured. Combining such an understanding with Concirrus’ modelling capabilities, and third-party data lake, will give us new insights that will drive exceptional service in any territory.” says Juan Carlos Martinez, CEO, Cargocorp Underwriters.

It’s the first time Cargocorp Underwriters has collaborated with a technology provider to build new features. The MGA’s technical history includes building the first cargo risk index (CRM Index@) for the cargo market, considering over 60 rating factors to score exposure. A shared culture of innovation aligns the organisations on translating the technical achievements seen within the hull market to the cargo market.

Quest Marine Cargo leverages transit exposure for analysis that is more accurate than typical NatCat methods. This is particularly important for Cargocorp Underwriters, who write a significant amount of stock throughput policies. Added intelligence will help the MGA’s Underwriters tailor propositions and make more informed decisions. Senior Underwriters will use insight to innovate, whilst Junior Underwriters will accelerate on boarding to make independent decisions. Automation will ensure all Underwriters can consider more business by processing transactional risk based on set criteria. These benefits provide a significant operational advantage, reducing the cost of capacity, whilst facilitating the move to the North American market.

Andrew Yeoman, CEO of Concirrus comments: “Recent events have reinforced the need for digitalisation in the cargo market. In today’s competitive market it has never been more important to respond quickly to customers while ensuring that you are correctly assessing and pricing risk. Having instant access to a wide set of data, in real-time will entirely transform the way business is assessed. Becoming the digital platform of choice for Cargocorp Underwriters is a great privilege and we’re very much looking forward to seeing the impact of our work together.”

Concirrus

Concirrus’ Quest intelligence platform delivers improved loss ratios, increased operational efficiencies and deal sizes, as well as new trading relationships to global (re)insurers.  By capturing and understanding every customer behaviour, delivering data-rich insights at scale, underwriting teams are empowered to make rapid data-driven decisions.  Over 20 market-leading insurers including Beazley, Hiscox and Chaucer trust Concirrus’ technology to power their risk making decisions.  Headquartered in London with international presence, Concirrus has built a 100-strong team of experts that specialise in data analytics and machine learning, as well as having a rich understanding of the global insurance market.

Website: www.concirrus.com

For more information, please contact:

Concirrus (London):

Liz Churchman

Emmett & Churchman Ltd

Tel: 07966 820320

Email: liz@ec-pr.com

Concirrus (Singapore):

Sarah Lochting

Emmett & Churchman Ltd

Email: sarah@ec-pr.com