SCOR looks to further improve marine book in ‘tough’ market; replaces data model
Global reinsurer SCOR has extended its partnership with London-based insurtech Concirrus in an effort to more accurately price future risks within its marine line of business.
The partnership will see Concirrus replace SCOR’s existing data model.
SCOR and Concirrus have been working together for over a year. SCOR initially partnered with the insurtech to improve loss ratios within its marine line of business and to harness its marine hull market model and support its own in-house capabilities.
Gregory Delaisse (pictured right), global head of marine for specialty insurance at SCOR, said: “Maintaining and improving our current book of business is crucial. Building more robust models allows us to do this and it’s great to be working with a technology partner like Concirrus. Key to this partnership is collaboration and Concirrus’ ability to really understand our business and what we’re trying to achieve.”
Concirrus’ marine hull market data leverages the insight of multiple data sources, “providing relevant and highly reliable outcomes”.
Andrew Yeoman (pictured left), CEO of Concirrus, said: “The marine insurance market is in the eye of a storm with some tough challenges to navigate. Visibility is going to become the new normal. This will come down to having robust data and analytics capabilities because without them, companies will simply disappear. We are enthused by our collaboration with them as an innovative carrier who truly understands data analytics, and we look forward to further extending our work together in the years ahead.”
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