Concirrus enters new multi-year deal with Hiscox
Concirrus announced a new multi-year deal with Hiscox London Market. Hiscox will embed Concirrus’ behavior-based data analytics platform, Quest Marine Hull, as part of its drive to deliver progressive, analytics-based underwriting.
“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 recognize the benefits that Quest Marine will deliver, and their adoption further underlines a real change in the market. 2020 will be the year where digitalization becomes the norm and is no longer optional.” – Concirrus’ Chief Executive, Andrew Yeoman.
Concirrus’ new predictive pricing module will enable Hiscox to analyze existing portfolios in greater detail, as well as assess the vessels within a prospective account and calculate an expected loss based on behavioral 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 behaviors that could be predictive of claims.
“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 digitalize and hone our underwriting process with powerful data analytics and capitalize on the new opportunities this presents.” – Vicky Hayward, Hull and War Underwriter at Hiscox.