The AI-powered marine insurance intelligence firm, Concirrus, has released its latest sanction module, which has been described as the “marine market’s first and only complete risk management solution.” It completes the development and launch of its newest technology, the Quest One platform.
Quest One, according to Concirrus, is now in use by dozens of markets and brokers, which made the company the sole technology partner to offer fully integrated sanctions, submission automation, an expected loss and risk analysis built on full market data, ESG monitoring, aggregations, war risk monitoring, and real-time news alerts, all within a single platform. It is considered a milestone, as most insurance brokers and markets, particularly those who are involved in marine risk management and reinsurance, use fragmented technological solutions to manage their services and clients.
“This is a solution that I believe the market has been waiting for,” said Concirrus CEO Andrew Yeoman (pictured). “I am hearing and witnessing many organisations becoming frustrated with having to juggle different technology providers for specific elements such as mapping, sanctions, and war cover. The costs and complexities of doing this are a burden on the market.
“We’ve been working hard to change that and now have one platform that serves the needs of multiple user groups – brokers, underwriters, P&I clubs, and fleet owners/operators, saving time and money and allowing them access to best-in-class technology to stay ahead of their peers.”
“On sanctions, specifically, we operate in an ever-increasingly complex sanctions landscape and we wanted to automate both the initial assessment and ongoing monitoring across a portfolio. By harnessing daily updates from S&P Global Market Intelligence and combining this with Concirrus’ real-time monitoring this module directly addresses an urgent need for more comprehensive sanctions compliance, equipping our clients with all the tools they need for strategic decision-making, helping to mitigate the risk of sleepwalking into an unintended breach,” Yeoman explained.
Yeoman also added that the sanctions module integrates directly into the existing Quest One platform enabling real-time collaboration across compliance, legal, and underwriting teams, and it was driven by S&P Global's robust sanctions intelligence, the module provides timely data, supports insurers in proactive risk management, and ensures vital adherence to compliance standards. Concirrus also supports commercial insurance clients to improve loss ratios and reduce operating expenses.
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