The new partnership will combine Concirrus’ big data and machine learning capabilities with Insurity’s marine cargo platform, allowing marine insurers to realise more competitive pricing and optimise the balance between profitability and customer satisfaction.
London-based Concirrus already works with insurance organisations – including underwriters, P&I clubs, and brokers – to help them accelerate their digital strategies. On average, the company sees a 7% improvement in combined ratios derived from intelligent risk pricing and selection, coupled with a more efficient and data-driven underwriting process.
Through this partnership, Insurity's Marine Suite solution will integrate with Concirrus' advanced analytics tools, enabling insurers to unlock the knowledge in the Insurity solution and create innovative pricing models for themselves.
‘Urgent need’ for insurers to change pricing strategies
"We are thrilled to be partnering with Insurity to deliver advanced analytics and a contemporary operating platform," says Andrew Yeoman, Chief Executive Officer at Concirrus.
"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, adds: "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."