Reinsurance firm TransRe has formed a partnership with Concirrus to develop a data-driven marine reinsurance product.
Concirrus, which is an AI-powered marine insurance software, will offer its Quest Marine data and analytics software to help develop customised reinsurance structures.
UK-based Concirrus leverages AI technology to analyse datasets in real-time to support insurers, reinsurers and brokers with quantifying risk.
Its Quest Marine solution utilises AI technology to analyse broad-reaching datasets all in real-time, and continuously monitors changes in marine portfolios. The software integrates with an insurer, reinsurer and broker’s existing system and collates the information with historical claims, so its AI can uncover behavioural risk factors.
Concirrus CEO Andrew Yeoman said, “There is inherent uncertainty when creating reinsurance programmes due to a lack of definitive data about a portfolio’s aggregate risk.
“Quest Marine enables an insurer to have a data-driven dialog with its reinsurer, which will reduce the frictional cost of doing business together. We look forward to working with TransRe to offer compelling marine solutions to our joint customers.”
Earlier in the year, Concirrus formed a partnership with insurance broker Marsh in order to support the marine insurance space. The partnership sees the companies work together to boost adoption of behavioural data in the marine market.
The company also completed a funding round this year, bagging £5m from InsurTech-focused investors Eos Venture Partners. The company is planning to use the capital to support the scaling of its operations and its customer-base.
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