Behaviour beats demographics at rating risk

Using behaviour to segment, price and manage risk offers sustainable improvements in loss ratios 

Quest Marine extracts behaviours that correlate to claims from the largest datasets, including vessel statistics, movements, weather, machinery information and traditional demographic data.  

 

Concirrus Quest is the only behaviour-based analytics tool used across the entire risk transfer market from risk to capital. Concirrus has galvanised the speciality market with its Power20 programme to create a digital marketplace where industry leaders can assess and transfer risk efficiently. 

 

Using Artificial Intelligence (AI) andmachine learning algorithms, Quest Marine delivers actionable insights and new rating factors that transform your understanding of risk.

Quest Marine Animation_1

The future will blend the art of underwriting with the science of data

Quest Marine helps you: segment and optimise your existing portfolio; highlight opportunities to develop new revenue streams; ensure compliance (sanctions); take a proactive approach to risk management, and offer customised andconnected marine policies to help you differentiate your offering in a crowded market. 

Segment and optimise your existing portfolio
Segment and optimise your existing portfolio

Segment and optimise your existing portfolio

By introducing behavioural, historical, real-time and predictive rating factors such as the area of operation, port activity, and operator performance, Quest helps to paint a more accurate picture of risk. Quest enables you to target your capital confidently to the most profitable opportunities, set a price that reflects the true nature of the risk, consider the optimal line size, analyse re-insurance purchases, keep the right reserves, manage your risk exposure in real-time and improve your loss ratios.

 

Segment and optimise your existing portfolio
Highlight opportunities to develop new revenue streams
Identify new sources of risk and opportunity

Highlight opportunities to develop new revenue streams

With behaviour to segment your in-force portfolio, gaps in clients cover and potential new revenue streams emerge to grow your business. This insight enables the development of products and services that increase protection for your existing clients; new opportunities for the provision of valuable consultancy services; and the development of new, more flexible products and services that help you to meet the needs of both existing and new clients. 
Highlight opportunities to develop new revenue streams
Connected marine policies to differentiate your offering
Connected marine policies to differentiate your offering

Connected marine policies to differentiate your offering

Taking a deep understanding of your portfolio allows more targeted coverage that reflects what a vessel is doing at any given point in time. With Quest, you have all the information you need at your fingertips to enable the creation of connected policies for your clients. The processes can be entirely automated too, saving you time and money and allowing you to focus on growing the business. To offer the most reliable vessel data possible, we have extensive partnerships with specialists in on-board sensors that monitor the movement and machinery of a vessel.

Connected marine policies to differentiate your offering
Take a proactive approach to sanctions compliance
Quest Pictograms_Marine HAND

Take a proactive approach to sanctions compliance

Quest provides you with visibility of vessel activity that correlates with international sanctions breaches to help you keep your clients safe and limit your exposure. Quest provides the insurance industry with factual data to provide a more accurate picture of activity. Using customisable alerts your team can be notified when behaviour that meets your criteria is detected, allowing you to investigate further, apply your expert knowledge and work with your client to ensure compliance.

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Take a proactive approach to sanctions compliance
Predictive Pricing
Quest Pictograms_Marine DEFECTS

Predictive Pricing

Quest Marine calculates an expected loss valuation and associated risk score using behavioural factors. Valuations occur at both account and vessel level. This helps identify risk level, predict loss ratios, set premiums and differentiate services.

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Predictive Pricing

Make sense of the seas

If you want a better understanding of your portfolio so that you can take greater control of the risks you choose to write, take a look at Quest Marine 

 

Make sense of the seas