Concirrus’ Marine Hull Market Model to strengthen risk selection.
Concirrus, the leading insurtech, has announced today that it is working with one of the world’s largest insurers & reinsurers, SCOR, to improve loss ratios within its marine line of business.
Gregory Delaisse, Global Head of Marine for specialty Insurance at SCOR, comments: “Working with a technology partner that is focused on delivering value to the insurance industry was important for us and it’s the reason why we were attracted to Concirrus and what it could offer. We were interested in Concirrus’ Hull Market Model, and we’re excited to work with the team to further develop this capability to ensure that it integrates and supports our own in-house model and in turn, enables us to maintain and improve our current book of business.”
The Concirrus Marine Hull Market Model, which is delivered via its data and analytics platform, Quest, leverages the insight of multiple data sources for a market-wide perspective on valuing an account, delivering a view that could not be developed by a single insurer in-house. The scale of aggregate data used means the predictability of the market model becomes more refined and aligned with broader market trends – the outcome of which is a model that is both relevant and highly reliable.
Andrew Yeoman, CEO of Concirrus, says: “It’s great to be working with SCOR – a company that truly understands data and data science and the benefits it can deliver to their business. It’s companies like SCOR that are embracing the new era of insurance and by working together, we can enhance our modelling capabilities to ensure that they continue to deliver value to our clients and create a more sustainable future for commercial insurance.”
About Concirrus
Concirrus was founded on a passion to harness data and technology to drive improvements in loss ratios and increase operating efficiency for speciality and commercial insurance. Specifically built for insurance by leading insurance practitioners and technologists, our suite of digital capabilities are empowering the market.
Today, Concirrus is helping commercial insurance clients to accelerate their digital strategies. Our highly configurable datasets, cutting-edge risk modelling and cloud-based architectural solutions, allow clients to build enterprise-grade solutions that deliver ongoing value. Our goal is to enable you to unlock the value of your legacy systems, ensure your organisation gets the most out of your data and to connect you with other players in the insurance value chain for optimal efficiency.
For more information, please contact:
Concirrus:
Liz Churchman
Emmett & Churchman Ltd
Tel: 07966 820320
Email: [email protected]
About SCOR
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognised expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 17.5 billion in 2021, and serves clients in more than 160 countries from its 36 offices worldwide.
