Through our analytics work with leading London and Global insurers, we have proven that behavioral data is a better indicator of risk than traditional demographics. With every customer, we’ve delivered insights and new rating factors that simply did not exist before allowing increased profits, the ability to write more business with or without claims history, and reduced administration costs.
“Creating something big and meaningful” – This passion to leverage technology in new and impactful ways led Concirrus to focus on supporting the insurance industry, and more specifically commercial marine and motor insurance. A potent blend of deep domain expertise and data science led to the creation of our big data and machine learning platform – Quest.
Using behavior to segment, price and manage risk offers sustainable improvements in loss ratios Quest Marine extracts behaviors that correlate to claims from the largest datasets, including vessel statistics, movements, weather, machinery information, and traditional demographic data. Concirrus Quest is the only behavior-based analytics tool used across the entire risk transfer market from risk to capital. Concirrus has galvanised the speciality market with its Power20 programme to create a digital marketplace where industry leaders can assess and transfer risk efficiently.
Using Artificial Intelligence (AI) and machine learning algorithms, Quest Marine delivers actionable insights and new rating factors that transform your understanding of risk.