Concirrus, a prominent provider of AI-powered marine insurance intelligence, has launched an updated hull market model.
The introduction of the new hull market model is a strategic move by Concirrus to enhance the accuracy and efficacy of underwriting operations within the marine insurance industry.
It addresses the growing need for precise risk assessment and pricing amidst evolving market dynamics.
The move represents a significant advancement in predictive analytics for the marine insurance industry. Drawing from an extensive database of marine hull claims data, the model accurately forecasts both the frequency and severity of losses, empowering insurers with actionable insights for informed decision-making.
Acknowledging that the majority of marine insurance firms have traditionally built their own actuarial teams, Concirrus’ Quest platform, where the market model resides, offers the capability to integrate multiple models. This allows underwriters to compare their model with their internal one, providing a broader perspective.
Speaking on the announcement, Andrew Yeoman, CEO of Concirrus commented, “What sets this model apart is not just the comprehensive data it’s built on, but its ability to be measured against highly respected industry datasets, including Cefor. This level of benchmarking, a first for our model, underscores the accuracy with which it can now predict both the frequency and severity of losses and help supercharge underwriting operations.
“With new capacity coming into the market, it’s inevitable that we will start to see the rates softening. Therefore, risk selection and accurate pricing is going to be more important than ever to maintain profitability and increase operational efficiency.
Concirrus has implemented numerous improvements to its Quest platform. These enhancements encompass fully integrated sanctions compliance, Generative AI search utilising large language model technology, AI-driven news and vessel timeline feeds, as well as advanced submission technology.
“These advancements, coupled with our industry-leading benchmarking model, reinforce our position as the market leader in the marine InsurTech sector. Our customers work with us because we’re the only provider offering extensive risk benchmarking and a comprehensive understanding of the drivers of this risk, all within a single platform,” Yeoman added.
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