AI insurtech Concirrus has launched the latest version of its marine hull market model, its most sophisticated marine insurance risk model to date, it claims.
The new marine hull market model ingests nearly three trillion data points and processes over 100,000 historical policies and associated claims.
Drawing on the insights derived from Concirrus’s clients, it aims to be relevant and reliable because the scale of aggregate data it uses makes its predictability more refined and aligned with broader market trends.
Concirrus product director James Whitlam (pictured) said the hull market model allows users to push forward with their digital strategy and be at the forefront of the industry shift.
“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,” Whitlam said.
Whitlam said that the volume, quality, and freshness of the ingested data will allow marine insurers to assess behaviours correlating to claims, enabling them to quantify risks more accurately and differentiate themselves from their competition.
He added: “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 data sets. 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 the utilisation of data and new technologies.”
In separate news, he firm recently became major reinsurer SCOR’s new technology partner to improve its marine line’s loss ratios.
