London-based Insurtech Concirrus has announced a new partnership with Insurity that will see it deliver unique predictive data models for marine insurers.
The organisation, most known for helping commercial insurers to accelerate digital strategies using artificial intelligence (AI), is aiming to develop predictive data models for enhanced cargo risk management and pricing insights.
It is expected that the collaboration will see Concirrus utilise its own analytical skills alongside Insurity’s market-leading knowledge and purpose-built software, to enable insurers to unlock the knowledge in the Insurity solution and create innovative pricing models.
Andrew Yeoman, Chief Executive Officer at Concirrus, commented: “We are thrilled to be partnering with Insurity to deliver advanced analytics and a contemporary operating platform.
“We operate in an environment where customers value integrated solutions that genuinely bring the best of all worlds.
“Insurity has the market-leading platform for declaration management and certificate issuance, and by bringing our capabilities together, Insurity customers benefit from a compelling analytics solution that ‘unlocks’ insights to drive efficiencies, reduce losses, and boost profits.”
Sylvester Mathis, Chief Insurance Officer at Insurity, agreed with Mr Yeoman’s optmism surrounding the project, stating: “The logistics industry generates massive volumes of data related to global shipments, creating an urgent need to revolutionise pricing strategies and cargo risk management.
“Harnessing the power of this data and extracting valuable insights has become pivotal for our marine cargo customers.
“This partnership enables Insurity to provide modern, predictive analytics to our customer base without the expense of building and maintaining the models themselves.”
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