London, June 24th 2024 – Concirrus, the leading provider of AI-powered marine insurance intelligence, has launched a sanctions module to complete the development and launch of its Quest One platform. The platform, now in use with dozens of markets and brokers, makes Concirrus the only technology partner to offer fully integrated sanctions, submission automation, an expected loss and risk analysis built on full market data, ESG monitoring, aggregations, war risk monitoring and real-time news alerts, all within a single platform.
This marks a pivotal industry milestone at a time when the marine insurance market has become cluttered with fragmented technology solutions.
Andrew Yeoman, CEO of Concirrus, commented on the immediate impact of Quest One: “This is a solution that I believe the market has been waiting for. I am hearing and witnessing many organisations becoming frustrated having to juggle different technology providers for specific elements such as mapping, sanctions, and war cover. The costs and complexities of doing this are a burden on the market. We’ve been working hard to change that and now have one platform that serves the needs of multiple user groups – brokers, underwriters, P&I clubs and fleet owners / operators, saving time and money and allowing them access to best in class technology to stay ahead of their peers.
“On sanctions specifically we operate in an ever-increasingly complex sanctions landscape and we wanted to automate both the initial assessment and ongoing monitoring across a portfolio. By harnessing daily updates from S&P Global Market Intelligence and combining this with Concirrus’ real-time monitoring this module directly addresses an urgent need for more comprehensive sanctions compliance, equipping our clients with all the tools they need for strategic decision-making, helping to mitigate the risk of sleepwalking into an unintended breach.
The sanctions module integrates directly into the existing Quest One platform enabling real-time collaboration across compliance, legal, and underwriting teams. Powered by S&P Global’s robust sanctions intelligence, the module provides timely data, supports insurers in proactive risk management, and ensures vital adherence to compliance standards.
About Concirrus
Concirrus is a leading provider of innovative technology solutions for the speciality insurance industry. Our mission is to empower insurers with data-driven insights and cutting-edge technology to transform their business operations and drive growth. With a focus on harnessing the power of data analytics and artificial intelligence, Concirrus is reshaping the future of insurance.
Contact:
Jordyn Armstrong, Marketing and Demand Generation Manager, Concirrus
Jordyn.armstrong@concirrus.com
