Insurance software developer Concirrus has signed a new multi-year deal with Hiscox London Market to help the insurer improve its analytics-based underwriting for marine insurance.
The agreement will see Concirrus integrate its behaviour-based data analytics tool Quest Marine Hull into Hiscox’s system.
By leveraging Concirrus’ technology, Hiscox will be able to analyse existing portfolios in deeper detail and assess vessels in an account and calculate expected loss based on behaviour factors such as time at sea and port risk. The analytics are formed by combining machine learning and billions of rows of risk data with a client’s loss and policy information.
In doing this, underwriters can better understand the behaviours which could induce future claims.
Concirrus chief executive, Andrew Yeoman says: “Being passionate about innovation, it’s clear to see why Hiscox is one of the most successful Lloyd’s syndicates. We are very proud to have Hiscox recognise the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the market. 2020 will be the year where digitalisation becomes the norm and is no longer optional.”
A similar deal was agreed by fellow insurance firm Chaucer and Concirrus late last year. The partnership sees Chaucer use the Quest Marine platform to help them measure risk via analysis of both real-time and historical data.
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