AI insurtech Concirrus launches new marine hull insurance market model
Artificial Intelligence-powered insurtech Concirrus has launched a new marine hull market model using vast datasets and modern machine learning techniques that will allow insurers to assess behaviours that correlate to claims and quantify risks more accurately.
Ingesting nearly three trillion data points and processing over 100,000 historical policies and associated claims, the new model is Concirrus’ most sophisticated marine insurance risk model yet, and according to the insurtech, delivers a view that could not be developed by a single insurer in-house.
James Whitlam, product director at Concirrus explained: “The competitive advantage achieved by the utilisation of vast datasets and modern machine learning techniques now means that adopting these technologies is non-optional to remain viable in the market. Our Hull Market Model offers a proven and commercially viable solution that allows users to push forward with their digital strategy and be at the forefront of this industry shift.”
“It is our intention with the new Hull Market Model that the volume, quality and freshness of the ingested data will allow marine insurers to assess behaviours that correlate to claims, enabling them to more accurately quantify risk and differentiate themselves from their competition,” Whitlam added.
“We have also invested significant resource into refining and developing our machine learning modelling techniques, which has allowed us to squeeze more value from our ever-expanding datasets. This, coupled with enhancements that are currently being built for the user interface of Quest Marine, is pushing our customers further ahead in the market through utilisation of data and new technologies.”
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