29 September 2017Insurance

Concirrus: understanding risk in marine insurance

London-based insurtech startup Concirrus was founded to fill the gap in the commercial lines market.

While the founders saw many technology companies, data companies, and insurtech for personal lines, there was no integrated offering for commercial lines insurance, according to Craig Hollingworth, co-founder of the startup.

Hollingworth is one of more than 20 startup founders discussing the market at the annual Intelligent InsurTECH conference on October 3 in London. Click here to find out more.

Connected technologies are driving “massive amounts” of data on the condition and use of assets, and this data can only be processed by modern algorithmic software.

“We’ve seen telematics make inroads in personal lines insurance for young drivers with safer policyholders being rewarded with lower premiums,” Hollingworth said.

Concirrus has replicated these same efficiencies in commercial lines and, by avoiding claims, marine fleets are safer and enjoy lower costs of operation.

“Like many mature markets the processes for managing risks have evolved as the data and tools to do this have increased. However, we now live in an age where much of what was unknown or unknowable can now be known,” explained Hollingworth.

And although insurers are not currently taking enough advantage of developing technologies, technology will be crucial going forward.

“Our view is that in the future there will be two types of insurers – those that are powered by AI/big data and those that used to exist.”

Earlier this week, Intelligent Insurer reported that Concirrus had launched an AI-powered marine insurance analytics platform called Quest.

Quest allows commercial marine insurers to monitor and manage risk behaviour and exposure in real time.

Every aspect of the marine risk, such as the hull, machinery and cargo, is being monitored.

And buried in this data is the “behaviour of these assets and the risk that this represents”, said the founder.

Hollingworth said: “With applications in pricing, underwriting, fleet, risk management and claims we’re the first behavioural-based toolset that addresses each part of the value chain.”

The startup is “laser focused” on the marine insurance market and looking to the future of the company, Hollingworth is confident.

Concirrus’s belief is that if it can help its customers write more business with less cost, introduce new insurance products, and always act in their interest then the business will equally continue to grow.

Hollingworth is one of more than 20 startup founders discussing the market at the annual Intelligent InsurTECH conference on October 3 in London. Click  here to find out more.

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