TransRe has partnered with London-based insurtech Concirrus, a provider of marine and motor analytics, to jointly develop data-driven reinsurance products and services.
As part of the collaboration, TransRe will also join Concirrus' Power20, who will work together to assess how technology can be used to fundamentally change the marine insurance model to the benefit of all involved.
Concirrus has developed an artificial intelligence (AI) powered insurance software platform known as Quest Marine, which will enable the teams to assess and monitor the changes in marine portfolios in order to develop highly customised reinsurance structures.
Andrew Yeoman, CEO of Concirrus said: “There is inherent uncertainty when creating reinsurance programs due to a lack of definitive data about a portfolio’s aggregate risk,
"Quest Marine enables an insurer to have a data-driven dialog with its reinsurer, which will reduce the frictional cost of doing business together. We look forward to working with TransRe to offer compelling marine solutions to our joint customers.”
Peter Clements, TransRe’s global marine leader, added: “We have been monitoring data and analytics developments in the marine market very closely, and we believe that Concirrus has the most compelling proposition. Concirrus has created the ‘Digital Power 20’, a unique community of industry partners to drive powerful digital change, and we are pleased to be a part of that future.”