Concirrus releases a revised model for the marine hull market.

Concirrus made a calculated decision to implement the new hull market model in order to improve the precision and effectiveness of underwriting processes in the marine insurance sector.

It responds to the increasing demand for accurate risk assessment and pricing in the face of changing market conditions.

In terms of predictive analytics, the move signifies a major breakthrough for the marine insurance sector. The algorithm, which is based on a vast database of marine hull claims data, predicts losses both with accuracy and in terms of severity, giving insurers useful information to use in making decisions.

Concirrus' Quest platform, which houses the market model, acknowledges that most marine insurance companies have historically developed their own actuarial teams and provides the opportunity to combine alternative models. This gives insurers a more comprehensive viewpoint by enabling them to compare their model with their internal one.

"What sets this model apart is not just the comprehensive data it's built on, but its ability to be measured against highly respected industry datasets, including Cefor," said Andrew Yeoman, CEO of Concirrus, in a statement following the announcement. This degree of benchmarking, which is unprecedented for our model, highlights how well it can currently forecast the frequency and severity of losses and aid in accelerating underwriting procedures.

It's only natural that rates will begin to decline as more capacity enters the market. To preserve profitability and boost operational effectiveness, risk selection and proper pricing will therefore be more crucial than ever.

Concirrus has made a lot of enhancements to the Quest platform. These improvements include enhanced submission technology, AI-driven news and vessel timeline feeds, generative AI search using large language model technology, and fully integrated sanctions compliance.

"These developments strengthen our position as the market leader in the marine InsurTech space, especially when combined with our benchmarking strategy that leads the industry. We're the only service giving thorough risk benchmarking and a thorough understanding of the causes of this risk, all within a single platform, which is why our customers collaborate with us, Yeoman continued.