Chaucer, the specialty international (re)insurance group has announced its new partnership with marine insurtech company Concirrus to focus on driving technological change in the marine insurance market and enhance its underwriting while also adding value for clients.
The new partnership will allow Chaucer to benefit from the use of Concirrus’ data analytics platform, Quest Marine which analyses billions of historical and real-time marine data to look at marine risk in a more targeted.
Clients can combine these insights with their existing underwriting knowledge to support a more effective portfolio segmentation but also a differentiated approach to risk selection and pricing to other competitors in the market.
Philip Graham, head of marine at Chaucer said: “Deploying the Concirrus data analytics platform, Quest Marine, will help us to deliver greater intrinsic value to clients as we enhance our existing underwriting expertise with data-driven behavioural risk factors.”
Adding: “Bespoke risk customisation is the ultimate goal if we want to maximise client benefits and aim to stay ahead of the competition.”
Andrew Yeoman, (CEO) at Concirrus, said: “It’s great to be working with Chaucer – an organisation that clearly recognises the vital role technology will play in the future of the insurance market. Our Quest Marine platform is making its mark on the industry with organisations spanning the whole of the sector taking stock of the many benefits it can offer,”
He continues: “We’re also delighted that Chaucer will join the Concirrus Power20 – the aim of which is to create a community of like-minded visionaries from the marine insurance market to work in collaboration to achieve long term success. We want to bring together the marine (re)insurance market and make a difference – that is, to help the market return to profitability.”