August 27, 2019
Global marine insurance provider, Skuld has partnered with InsurTech Concirrus to implement a behaviour-based data analytics platform called Quest Marine.
Skuld is the first Protection and Indemnity (P&I) Club to integrate Quest Marine with its business systems. The new platform will be able to identify suspicious loss behaviour, develop risk monitoring insights, and advise members on ways to reduce risk based on a behavioural risk scoring system jointly developed by Skuld and Concirrus.
Quest Marine will be able to deliver proactive risk management services through the analysis of historical and real-time marine data to uncover new behavioural factors that impact loss events.
The insights can then provide underwriters quick access to a detailed view of risk for a specific account or fleet, to improve renewal efficiency.
Ståle Hansen, Skuld CEO, comments: “The future of marine insurance involves digital tools, and Quest Marine will enhance our risk understanding and loss prevention, as well as supporting our focus on strong personal relationships and service for our members and clients. Technology will increasingly play an integral role in improving loss ratios and loss prevention measures. This partnership with Concirrus is an important strand in our development of an end-to-end digital process and will provide us with proactive risk management capabilities and insights across multiple areas of our business from underwriting to sanctions, as well as legal and loss prevention.”
Andrew Yeoman, Concirrus CEO, said: “Skuld is well respected in the market, the team are at the forefront of the digital age and to have the business choose Quest Marine across Skuld P&I and Skuld Hull is a fantastic endorsement. Skuld joins other leading organisations across the risk transfer market, all of whom have chosen Concirrus to provide a common set of data that supports the insurance community and drives profitability.”