Arch partners with Concirrus for behaviour-based analytics platform
Arch Insurance International, part of Arch Capital Group, has partnered with insurtech Concirrus for its behavioural analytics platform Quest Marine.
Arch will use the platform to digitalise the assessment, pricing, and monitoring of marine risk for new and existing business.
Concirrus' new market model provides advanced premium forecasting capabilities based on insight and learnings from across the insurance market.
“The marine sector is a complex and evolving risk environment. By augmenting model data with real-time information specific to the activities of individual vessels, we can assess and price risk more accurately, providing greater certainty for both our brokers and their clients,” said Jake Gibbs, head of marine & energy at Arch Insurance International.
Concirrus said digital operating models are becoming more prevalent due to both the changing insurance marketplace and the ongoing pandemic.
“Digitalisation is continuing to add to the arsenal of tools insurers use to quantify risk," said Concirrus CEO Andrew Yeoman. "Predictive pricing, risk management, operational efficiencies, and automation based on real-time changes in exposure, provide opportunities for the market to adapt to new client needs. We’re excited to be working with Arch and look forward to future developments.”
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