AI-powered insurance software platform Concirrus has formed a partnership with insurance broker Marsh.
Through the deal, the companies will work together to drive the adoption of behavioural data in the global marine market, through the Quest Marine platform of Concirrus.
Marsh will adopt Quest Marine to generate new insights and placement strategies for clients and identify new opportunities for digital products in marine insurance.
UK-based Concirrus leverages AI technology to analyse datasets in real-time to support insurers, reinsurers and brokers with quantifying risk. By integrating with a client’s existing system, it combines the data with historical claims information and uses AI to identify behaviours which correlate to claims.
Its Quest Marine solution utilises AI technology to analyse broad-reaching datasets all in real-time. By integrating with an insurer, reinsurer and broker’s system and collates the information with historical claims and through AI it can uncover behavioural risk factors.
Concirrus CEO Andrew Yeoman, said, “We are really proud to be working with Marsh. They are undoubtedly the market leader in the Marine space and their vision for a future of Marine insurance is compelling. This is further validation that Quest Marine now represents a production ready system to apply big data and machine learning to the specific requirements of the marine insurance markets.”
Last month, Concirrus picked up a £5m investment from IQ Capital and Eos Ventures. The company raised the funds to support the scaling of its business and bolstering its AI capabilities. The capital injection increased the company’s total equity funding to more than £12m.
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