Insurance major Chaucer has partnered with marine insurtech Concirrus to drive technological developments in the market.
Through the partnership, Chaucer will be deploy Concirrus’ Quest Marine platform which measures marine risk through the analysis of real-time and historical data.
Its solution utilises AI technology to analyse broad-reaching data-sets 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 said Andrew Yeoman said, “It’s great to be working with Chaucer – an organisation that clearly recognises the vital role technology will play in the future of the insurance market.”
“Our Quest Marine platform is making its mark on the industry with organisations spanning the whole of the sector taking stock of the many benefits it can offer,” he continued.
“We’re also delighted that Chaucer will join the Concirrus Power20 – the aim of which is to create a community of like-minded visionaries from the marine insurance market to work in collaboration to achieve long term success.”
Last year, reinsurance firm TransRe formed a partnership with Concirrus to develop a data-driven marine reinsurance product.
Concirrus also 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 in 2018, 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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