London: Specialist insurer Beazley has selected Concirrus’ market leading behaviour-based data analytics platform, Quest Marine.
Richard Young, Head of Hull & War at Beazley comments: “The insurance market is sitting on a treasure trove of data which, as a market, we are beginning to understand and apply more effectively. Our team of actuaries has been working with Concirrus to validate their methods and from 2020 we have begun using the Quest Marine system as an additional underwriting tool. This platform enables us to examine our existing data in new and innovative ways and to combine it with Concirrus’ dynamic, behavioural analysis and machine learning to build up a far more detailed view of the risks we write. As we gain new insights into the drivers of risk, we will seek to augment our pricing models.”
Concirrus’ predictive pricing model uses machine learning, combining billions of rows of risk data with a client’s loss and policy information to uncover the behaviours that are predictive of claims. The speed and accuracy of the Concirrus solution allows Beazley to differentiate its approach to pricing and risk selection.
Concirrus’ CEO Andrew Yeoman comments: “Beazley is a powerful leader in the marine market and a recognised leader in digitalisation. We’ve consistently heard from the market at events such as IUMI, that the future winners will be those companies adopting innovative solutions for pricing and selecting risk. For the team at Beazley to select Quest Marine as its preferred platform of choice is a fantastic endorsement of the maturity and impact of our technology. Quest Marine is now established as the market leading platform for specialty underwriting and pricing.
Beazley will also join our Power20 community – a community of like-minded visionaries who recognise the critical role collaboration plays in achieving long-term success. Having better data isn’t enough to help improve profitability – the entire value chain needs to align with a new view of risk which is driven by a common, data-driven language.”
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 loss ratios.
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and, in 2019, underwrote gross premiums worldwide of $3,003.9 million. All Lloyd’s syndicates are rated A by A.M. Best.