Insurtech Concirrus launches AI-powered marine platform
London-based insurtech company Concirrus launched an AI-powered marine insurance analytics platform called Quest.
The platform provides a single web application to allow commercial marine insurers to access internal data from across their organization integrated with external, third party data. The first applications built on Quest allow commercial marine insurers to monitor and manage risk behaviour and exposure in real time, a major step forward in risk mitigation capabilities, according to a press release.
Quest gives insurers the ability to track vessel behaviour and monitor exposure clusters across the globe. The application enables automated alerts to be set for a range of behavioural criteria and contains detailed information from over 200,000 vessels worldwide. This allows insurers to select risk more intelligently, create ‘connected policies’ whilst actively managing those risks and ultimately reducing losses.
Concirrus CEO Andy Yeoman commented, “Quest, supported by our data science team, allows our customers to extract and unlock behavioural insight from their assets, leading to the creation of better products, pricing and profits.”
Jonathan Kalman, general partner of Eos Venture Partners, a global insurtech investor, added, “Concirrus understands that the successful insurer of the future will survive and thrive by rapidly extracting key insights from the growing sources of data that exist both inside and outside of their organisation, and seeks to build scalable, business relevant solutions.”
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