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Insurity (Hartford), a provider of cloud-based software for insurance carriers, brokers, and MGAs, has announced a new partnership with Concirrus (London), an AI InsurTech dedicated to helping commercial insurers to accelerate digital strategies for marine insurers. Concirrus’ big data and machine learning capabilities, integrated with Insurity’s global marine cargo platform, enables marine insurers to differentiate themselves through more competitive pricing while optimizing the balance between profitability and customer satisfaction, according to an Insurity statement.
Andrew Yeoman, CEO, Concirrus.
Concirrus global customer base includes underwriters, P&I clubs and brokers, who use its solutions to improve pricing decisions and automate underwriting operations. Across customer deployments, Concirrus reports an average improvement of 7 percent on combined ratios derived from intelligent risk pricing and selection, combined with enhancements afforded by 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, according to the Insurity statement. By leveraging Insurity’s customer claim and shipment data, Concirrus will develop predictive models that adapt to the world’s supply chain dynamics. Insurity will provide an out-of-the-box connection to Concirrus applications, ensuring insurers can access and utilize these data-driven insights for informed decision-making.
“We are thrilled to be partnering with Insurity to deliver advanced analytics and a contemporary operating platform,” comments Andrew Yeoman, CEO, 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, Insurity.
Revolutionizing Pricing Strategies and Cargo Risk Management
“The logistics industry generates massive volumes of data related to global shipments, creating an urgent need to revolutionize pricing strategies and cargo risk management,” Sylvester Mathis, Chief Insurance Officer, Insurity. “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.”