The AI-led insurtech Concirrus has launched its new Marine Hull Market Model - which is currently leading the market in marine insurance risk modelling.
According to reports, the sophisticated Market Model monitors insights derived from Concirrus’ growing portfolio of clients to provide a view that could not be developed by a single insurer in-house.
Concirrus Marine Hull Market Model has massive data capacity
The Marine Hull Market Model can take in up to three trillion data points and process over 100,000 historical policies and associated claims.
Its developers say the scale of aggregate data used means the predictability of the Market Model becomes more refined and aligned with broader market trends. As a result the outcome of the Model is both relevant and highly reliable, the Concirrus executives said.
Speaking about the solution, James Whitlam, Product Director at Concirrus explained: “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 said that the insurtech's intention with the new Hull Market Model, that the volume, quality and freshness of the ingested data would "allow marine insurers to assess behaviours that correlate to claims, enabling them to more accurately quantify risk and differentiate themselves from their competition.”
Furthermore, Whitlam pointed out that Concirrus has also invested resources into refining and developing more machine learning modelling solutions. This aspect has enabled the team to derive increased value from the growing datasets.