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) and machine learning algorithms, Quest Marine delivers actionable insights and new rating factors that transform your understanding of risk.
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 and connected marine policies to help you differentiate your offering in a crowded market.
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.
Highlight opportunities to develop new revenue streamsWith 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.
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.
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.