Chaucer Partners with Concirrus
Chaucer, the specialty international (re)insurance group, has announced a new partnership with leading InsurTech, Concirrus, which is committed to driving technological change in the marine insurance market.
Philip Graham, Chaucer’s Head of Marine comments: “Deploying the Concirrus data analytics platform, Quest Marine, will help us to deliver greater intrinsic value to clients as we enhance our existing underwriting expertise with data-driven behavioural risk factors. Bespoke risk customisation is the ultimate goal if we want to maximise client benefits and aim to stay ahead of the competition.”
Quest Marine analyses billions of historical and real-time marine data to derive new behavioral factors that can be used to look at marine risk in a more targeted, intelligent way. Clients can then combine these insights with their existing underwriting expertise to develop their own enhanced view of marine risk, that not only enables more effective portfolio segmentation, but also a differentiated approach to risk selection and pricing to other market competitors.
Concirrus CEO Andrew Yeoman comments: “It’s great to be working with Chaucer – an organisation that clearly recognises the vital role technology will play in the future of the insurance market. Our Quest Marine platform is making its mark on the industry with organisations spanning the whole of the sector taking stock of the many benefits it can offer.”
Andrew continues: “We’re also delighted that Chaucer will join the Concirrus Power20 – the aim of which is to create a community of like-minded visionaries from the marine insurance market to work in collaboration to achieve long term success. We want to bring together the marine (re)insurance market and make a difference – that is, to help the market return to profitability.”