Markel selects behaviour-based data analytics platform, Quest Marine
By Joseph Artgole - October 09, 2020
Markel International has adopted Concirrus’Quest Marine Hull, leveraging the potential of behavioural insight to accurately assess and monitor marine risk as an additional underwriting tool. The platform complements Markel’s strategy to examine digital data, ensuring underwriters have a real-time view of the global market to support the provision of unparalleled service.
“It’s vital we implement technologies that help us elevate performance, whilst maintaining our traditional customer-centric perspective. Concirrus’ platform provides a comprehensive view of risk and enables us to use digital data to gain further insights into the drivers of risk.” said Daniel McCarthy, Head of Hull and War at Markel International.
“Markel is a staple of specialty insurance, leading a global portfolio of marine risks. We are looking forward to working with Markel International to tackle the issues facing a rapidly changing industry.” commented Andrew Yeoman, CEO of Concirrus.
With behavioural understanding and data-driven capabilities in place, Markel will utilise the active risk management functionality of Quest Marine Hull to monitor risk in real-time. Vessel and port locations, accumulation, custom zones, and alerts can all be set to ensure underwriters can respond to changes in the circumstances of the Insured as they happen. The ongoing protection provided to the Insured and Markel give a unique view of on-cover activity that was not previously available.
Concirrus’ Quest intelligence platform delivers improved loss ratios, increased operational efficiencies and deal sizes, as well as new trading relationships to global insurers. By capturing and understanding every customer behaviour, delivering data-rich insights at scale, underwriting teams are empowered to make rapid data-driven decisions. Over 20 market-leading insurers including Beazley, Hiscox and Chaucer trust Concirrus’ technology to power their risk intelligence. Concirrus is a private company headquartered in London.