In a time of accelerated change, sharing industry best practice around continuous innovation is crucial to a sustainable future. The Marine insurance industry is experiencing a huge influx of technology to facilitate profitability.
Since the end of 2018, we’ve been bringing together leaders from across the insurance industry, forming a community of like-mined digital visionaries known as the Concirrus Power20. Concirrus will be hosting the Power20 Summit for marine insurance customers in London on 12th February 2020.
The Power20 Summit will combine opinions on the latest developments in AI, machine learning and data solutions within the Marine insurance industry. Concirrus’ clients and partners will share their experiences of how the market is transforming through digital initiatives, whilst breakout sessions will explore how to navigate future industry challenges. Product leads for the Quest Marine platform will lead collaborative workshops around the future vision of the product to drive improved market analysis and better decision making throughout the value chain.
The entire Quest Marine suite will be addressed, including the latest addition, Quest Marine Cargo. Quest Marine Cargo will provide analytics relating to the cargo journey, allowing stakeholders to make more informed decisions within a complex insurance market.
The summit will also feature an inspirational keynote from Martyn Thornton, who will embark on an extraordinary challenge to row the Atlantic solo at 62 years young and break the current world record.
With digitisation providing a shared view of risk within Marine Insurance, the following benefits become possible:
- Significant improvements in client loss ratios through improved analytics and pricing.
- A reduction in underwriting assessment costs and improved process automation.
- Access to active risk management models to help clients reduce the frequency and severity of losses.
- The ability to create new data-driven insurance products, driving premium growth.
- Efficiency savings across the value chain through ease of information transfer, structuring and transparency.
- Better management of the accumulation of risk and enhanced portfolio optimisation, particularly for reinsurers.
For more on Quest Marine’s predictive pricing capabilities – click here.