New marine hull model launched by AI insurtech
AI insurtech Concirrus, has announced the launch of its new Marine Hull Market Model, which it describes as its most sophisticated marine insurance risk model yet.
According to the announcement, the Market Model uses the insights derived from Concirrus’ growing cohort of clients to deliver a view that could not be developed by a single insurer in-house.
It is able to ingest almost three trillion data points and to process over 100,000 historical policies and associated claims.
The scale of aggregate data used means the predictability of the Market Model becomes more refined and aligned with broader market trends, Concirrus highlighted. The outcome of the Model is therefore both relevant and highly reliable, the insurtech added.
James Whitlam, Product Director at Concirrus said: “The competitive advantage achieved by the utilisation of vast datasets and modern machine learning techniques now means that adopting these technologies is non-optional to remain viable in the market.
“Our Hull Market Model offers a proven and commercially viable solution that allows users to push forward with their digital strategy and be at the forefront of this industry shift.”
He added: “It is our intention with the new Hull Market Model, that the volume, quality and freshness of the ingested data will allow marine insurers to assess behaviours that correlate to claims, enabling them to more accurately quantify risk and differentiate themselves from their competition.”
Whitlam also noted that Concirrus has also invested significant resources into refining and developing their machine learning modelling techniques, which has allowed them to squeeze more value from their ever-expanding datasets.
This, coupled with enhancements that are currently being built for the user interface of Quest Marine, he added, is pushing Concirrus’ customers further ahead in the market through utilisation of data and new technologies.