Concirrus, the leading insurtech, has launched the next significant iteration of its Marine Hull Market Model. Ingesting almost three trillion data points and processing over 100,000 historical policies and associated claims, the Model is Concirrus’ most sophisticated marine insurance risk model yet.
James Whitlam, Product Director at Concirrus explains: “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.”
Drawing on the insights derived from Concirrus’ growing cohort of clients, the Market Model delivers a view that could not be developed by a single insurer in-house. The scale of aggregate data used means the predictability of the Market Model becomes more refined and aligned with broader market trends. The outcome of the Model is therefore both relevant and highly reliable.
“It is our intention with the new Hull Market Model,” continues James “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.”
“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.”