Working with leading London and global insurers, Concirrus have proven that behaviour is a better indicator of risk than demographics, and they’re on a mission to change the way insurance works.
Concirrus is the creator of Quest – AI and machine learning software. Focused on the commercial marine and motor insurance markets, Quest accesses and interprets large sets of industry and sensor data – such as fleet movements, engine performance and weather – and combines this with an insurer’s own information to reveal the behaviours that correlate to claims.
Insurers that subscribe to Quest and their datasets use the platform to:
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Optimise rating and pricing for commercial marine and motor customers, meaning fairer and more accurate premiums.
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Deliver connected insurance products that encourage ‘good behaviours’ and use real-time event notifications to drive preventative action that reduce overall risk.
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Segment their existing portfolio into good risk, bad risk and avoidable risk, and target capital accordingly.
Concirrus have proven that behaviour is a better indicator of risk than demographics and they’re on a mission to change the way insurance works
Marine case study
Client situation: A large commercial insurer wanted to use vessel movement data to identify new sources of marine risk regarding ports.
What they did: A subset of the customer’s marine exposure and claims data was augmented with connected datasets within Quest. Analytics showed where disproportionately high levels of risk were occurring.
Impact: A global port risk ranking was developed and integrated into their business processes and is now continually updated with live data.
