Antares partners with insurtech Concirrus to increase profitability at Lloyd's
Antares, a Lloyd’s managing agent and member of the QIC Group, has partnered with London-based insurtech Concirrus to drive data-driven underwriting at Lloyd’s.
Under the agreement, Antares will adopt Concirrus’ Quest Marine data and analytics software that it says will help in identifying new opportunities for growth and streamline operations to reduce some of the high costs of doing business.
Antares will have access to Concirrus’ behavioural insights, derived by applying machine learning and proprietary technology to a wide range of data sets such as IHS Markit.
Antares said in challenging market conditions it sees Quest Marine as a key part of their business strategy to increase profitability, deliver on their business plan, identify new opportunities in collaboration with other Concirrus customers.
“We have been considering the adoption of data and analytics in marine for some time and we are delighted to be working with Concirrus. After assessing different offerings in the market, it was clear that Quest Marine would deliver the most value and that Concirrus’ vision for the marine market was very closely aligned with our own,” said John Potter, head of marine and aviation for Antares.
Potter added: “While the current market concerns are justified, there remain many aspects to the way we do business that can be improved. I am confident that working with Quest Marine and Concirrus will help us to write marine business in a more targeted, customer-centric and therefore more profitable way.”
Concirrus head of sales Mark Phillips said: “We have been incredibly impressed with Antares’ approach to innovation and commitment to digitisation and analytics in the marine market. Having recently announced our partnership with Marsh, it's great to see another company committing to our product that shares our vision for the future. Even more exciting is seeing our customers working together to uncover new ways of structuring, pricing and distributing marine insurance.
"This is further validation that the product we have built can help steer syndicates through the current challenging environment and towards profitability.”
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