London: North P&I Club has chosen Concirrus as a digital partner. Concirrus’ world-leading digital platform, Quest Marine P&I with its data suite and predictive modelling capabilities, will contribute to North’s loss prevention and risk assessment capabilities.
Colin Gillespie, Director – Loss Prevention at North comments: “The activities of the Club’s Loss Prevention department contribute significantly to the understanding of our Members’ operations, and these will be augmented by leveraging the latest machine learning techniques and behaviour-based data analytics which we can access through Quest Marine P&I. This in turn has the potential to bring longer term benefits to underwriting and risk selection and we believe that the platform will become an important part of our loss prevention tool kit.”
Quest Marine P&I brings together billions of rows of dynamic marine and customer data into a single web application that is customisable and user friendly.
The predictive risk modelling capabilities within the Quest Marine P&I suite are completely transparent, highlighting the influential factors contributing to a risk score. This approach allows underwriters, actuaries and loss prevention to more easily understand and explain each risk score, whilst applying their extensive knowledge and experience.
Concirrus Chief Executive, Andrew Yeoman says: “We’re excited to have North join our client portfolio, applying Quest Marine P&I’s new risk modelling tools alongside portfolio optimisation and active risk management to enhance their extensive understanding of the market. North’s recent growth and investment in its digital capabilities is testament to the benefits they can pass on to their members, ensuring they move forward in their customer-centric strategy. They chose Quest after an extensive comparative evaluation of other solutions, so we’re especially pleased to be working with them.”
About North P&I Club
North P&I Club is a leading global marine insurer providing P&I, FD&D, war risks and ancillary insurance to over 200 million GT of owned and chartered tonnage. Through its guaranteed subsidiary Sunderland Marine, North is also a leading insurer of fishing vessels, small craft and aquaculture risks. The Standard and Poor’s ‘A’ rated Club is based in Newcastle upon Tyne, UK with regional offices and subsidiaries in China (Hong Kong and Shanghai), Greece, Ireland, Japan, Singapore, USA and Sunderland Marine offices worldwide. North is a leading member of the International Group of P&I Clubs (IG), with over 12% of the IG’s owned tonnage. The 13 IG clubs provide liability cover for approximately 90% of the world’s ocean-going tonnage and, as a member of the IG, North protects and promotes the interests of the international shipping industry.
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 risk management.
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