As digital tools become increasingly ingrained in the market, the value of data and it’s ability to uncover new insight accelerates operational performance. Different organisations emphasise varying degrees of importance on additional areas of analysis that can benefit from big data but are ad-hoc in nature. To satisfy these bespoke needs, Concirrus has delivered a consultancy offering for clients, providing access to technical resources that facilitate understanding on short-term projects. This allows specific issues to be tackled using the same resources that underpin Quest with a flexible approach that caters to specific scenarios.
Consultancy is a developing proposition throughout 2021 and begins with a focus on applying Concirrus’ data pool to produce reports on both compliance and portfolio management. Both areas of analysis leverage behavioural insight for detailed understanding through improved segmentation.
Using a rich selection of static and behavioural data, all live vessels within an underwriter’s portfolio are screened to identify those displaying signs of non-compliance. These vessels are rated on a three-tier system that displays behaviour based on the severity of a breach during a set period. Strict rules mitigate false alerts so that abnormal navigation, AIS dark activity and identity change are understood in context. Actionable insight on vessels for concern is provided alongside a thorough assessment of all vessels screened.
Download our PDF for more on compliance consultancy
Opportunities for growth are identified through a review of the selection, pricing, and management of existing business. Specific outcomes include a breakdown of trends that highlight changes in risk and team performance. Factors that underpin profitable accounts are used to help identify new business that displays similar characteristics. Those that correlate to loss can be used to mitigate undesirable business. The performance of both brokers and underwriters on portfolio performance is presented through financial assessments. The relationship between broker and underwriter is also identified to show which to grow, and how others can improve.
Download our PDF for more on portfolio management consultancy
Both compliance and portfolio management analysis add perspective to existing relationships in ad-hoc circumstances, ensuring resources are utilised in the most effective way. Any insight derived is in line with Quest’s underlying data lake, making it complimentary to insight gained through the platform itself. Technical consultants will continue to apply Concirrus’ expertise to ad-hoc analysis moving forward. If you want to discuss a short-term project with the team, contact us below.