Machine learning may still sound like a futuristic concept to many, but it has well and truly arrived in the insurance industry.
For proof, look no further than AEGIS London which has just announced the deployment of technologies designed to help underwriters better evaluate, price and manage risk through the Concirrus Quest Marine platform.
The platform uses big data to derive the behavioural factors behind risk and predict the expected loss and premium adequacy on each account.
“In addition to our highly successful quote and bind platform, OPAL, this is another great stride towards digitalising our business,” said Jonathan Humm (pictured), class underwriter – hull and war, AEGIS. “Working with organisations like Concirrus accelerates our strategic deployment of tools that enable underwriters to apply their extensive expertise to a changing landscape. The application of behavioural factors to the evaluation of risk allows for further differentiation at individual vessel level, giving us a clearer understanding of performance and allowing us to better tailor products and coverage to our clients’ needs.”
The move represents the latest step as the insurance industry moves towards a fully digital operating model, with algorithmic-led analysis helping insurers assess and value risk more accurately, particularly amid a hard market.
