London: Chaucer, the specialty international (re)insurance group, has today announced a new partnership with leading InsurTech, Concirrus, which is committed to driving technological change in the marine insurance market.
Philip Graham, Chaucer’s Head of Marine comments: “Deploying the Concirrus data analytics platform, Quest Marine, will help us to deliver greater intrinsic value to clients as we enhance our existing underwriting expertise with data-driven behavioural risk factors. Bespoke risk customisation is the ultimate goal if we want to maximise client benefits and aim to stay ahead of the competition.”
Quest Marine analyses billions of historical and real-time marine data to derive new behavioural factors that can be used to look at marine risk in a more targeted, intelligent way. Clients can then combine these insights with their existing underwriting expertise to develop their own enhanced view of marine risk, that not only enables more effective portfolio segmentation, but also a differentiated approach to risk selection and pricing to other market competitors.
Concirrus CEO Andrew Yeoman comments: “It’s great to be working with Chaucer – an organisation that clearly recognises the vital role technology will play in the future of the insurance market. Our Quest Marine platform is making its mark on the industry with organisations spanning the whole of the sector taking stock of the many benefits it can offer.”
Andrew continues: “We’re also delighted that Chaucer will join the Concirrus Power20 – the aim of which is to create a community of like-minded visionaries from the marine insurance market to work in collaboration to achieve long term success. We want to bring together the marine (re)insurance market and make a difference - that is, to help the market return to profitability.”
Chaucer is a leading international specialty insurance and reinsurance group. Headquartered in London, and with international hubs for Europe, MENA, Latin America and Asia, we protect clients in over 200 countries worldwide. We offer the flexibility of both Lloyd’s and, through Chaucer Dublin, the company market.
We provide clients with proven smart risk solutions for underwriting and claims. Our enterprising and trusted experts offer market leading cross class capabilities, empowered decision-making and a tailored approach. Our dedicated claims team completes our underwriting proposition, epitomising the capabilities required to handle successfully even the most complex incidents. We provide a first class claims service and most importantly, pay valid claims promptly.
Our clients also benefit from the support of our parent company, China Re, a leading reinsurer in China, and one of the top 10 reinsurance companies in the world, which maintains excellent security ratings from A.M. Best and Standard & Poor’s. China Re is listed on the Hong Kong stock exchange (1508.HK).
Concirrus is the creator of Quest, an insurance software platform developed with, used and trusted by insureds, insurers, reinsurers and brokers around the world. Quest allows existing and new data to be ingested, understood and presented in a way that provides valuable insights to help improve loss ratios.
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For further information and images, please contact:
Liz Churchman or Lorraine Emmett
Concirrus press office
Tel: +44 (0) 7966 820 320