A new way of looking at marine risk
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Quest Marine: Discover how one Insurer use the marine insurance platform to:
- Gain better visibility of vessel behaviour
- Uncover opportunities to grow the business
- Mitigate their marine risk exposure
Client situation: Commercial marine insurance is highly competitive, and costs are at an all-time high. A large commercial marine insurer wanted to understand how advanced analysis of their portfolio could improve efficiency.
What they did: Quest Marine was deployed to ingest five years of policy, claims and exposure data from the customer. This data was combined with Concirrus’ proprietary datasets.
What impact it had: Quest Marine provided new insights into the performance of the portfolio. The insurer was able to make changes to the way risk was selected, priced and managed to improve their loss ratio by more than 7%.
