Hiscox will embed Concirrus’ behaviour-based data analytics platform, Quest Marine Hull, as part of its drive to deliver progressive, analytics-based underwriting
Concirrus’ Chief Executive, Andrew Yeoman says: “Being passionate about innovation, it’s clear to see why Hiscox is one of the most successful Lloyd’s syndicates. We are very proud to have Hiscox recognise the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the market. 2020 will be the year where digitalisation becomes the norm and is no longer optional.”
Concirrus’ new predictive pricing module will enable Hiscox to analyse existing portfolios in greater detail, as well as assess the vessels within a prospective account and calculate an expected loss based on behavioural factors such as time at sea and port risk. Calculated using machine learning and combining billions of rows of risk data with a client’s loss and policy information, this capability will enable underwriters to better understand the behaviours that could be predictive of claims.
Vicky Hayward, Hull and War Underwriter at Hiscox comments: “Digitalisation is the future and if we want to stay at the forefront of our industry, we must continue to evolve and harness new technologies and data sources. We are looking forward to working closely with the Concirrus team to digitalise and hone our underwriting process with powerful data analytics and capitalise on the new opportunities this presents.”
Source: Company Press Release