Predictive pricing for marine insurance

In short, there is now too much information to process in the time scale required.

Data aggregation platforms can consolidate large, varied data sets, whilst Machine Learning algorithms can segment and analyse the vast quantity of data aggregated.

Using Machine Learning algorithms at scale, you can segment vast data sets to a granular level of detail and find specific trends for more accurate predictions. Moreover, the process can be automated which gives a huge capability to benefit the industry.

Using new and traditional modelling methods two vessels may appear identical based on static rating factors alone.

However, individual vessel behaviour can impact the Expected Loss value for each ship using the Quest Marine Pricing Module.

Highlighting the unique behavioural differences between two assets reinforces how a behavioural view on risk improves decision making. The impact on pricing can be dramatic, leading to a better understanding of what appropriate cover looks like for new prospects, as well as the positioning of existing accounts within a portfolio.