Chaucer partners with marine insurtech Concirrus to enhance underwriting

Specialty international re/insurer group Chaucer has partnered with marine insurtech firm Concirrus to enhance its underwriting and add value for clients.

Philip Graham, head of marine at Chaucer said the partnership will see Concirrus data analytics platform, Quest Marine, provide data-driven behavioural risk factors for its underwriting teams as well as bespoke risk customisation. “[This] is the ultimate goal if we want to maximise client benefits and aim to stay ahead of the competition,” he said.

Quest Marine analyses “billions” of historical and real-time marine data points to give a more targeted, intelligent view of marine risk, the company said. This helps underwriters segment their portfolios more effectively and develop a better approach to risk selection and pricing to in a competitive market.

Concirrus CEO Andrew Yeoman said: “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.”

Yeoman added: “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.”

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