Insurer Skuld partners with insurtech Concirrus to develop behaviour-based analytics Quest Marine

Marine insurer Skuld has teamed up with insurtech Concirrus to roll out a bespoke version of the tech firm’s behaviour-based data analytics platform Quest Marine.

Under the partnership Skuld’s P&I Club will integrate Quest Marine with its business systems to identify suspicious loss behaviour and develop risk monitoring insights. The marine insurer will also use the platform to advise members on options for reducing risk based on a behavioural risk scoring system jointly developed by the partners.

Quest Marine works by providing risk management services through the analysis of historical and real-time marine data. This is used to reveal new behavioural factors that impact loss events and give underwriters quick access to a detailed view of risk for a specific account or fleet, to improve renewal efficiency.

Skuld chief executive Ståle Hansen, said: “Technology will increasingly play an integral role in improving loss ratios and loss prevention measures.

“This partnership with Concirrus is an important strand in our development of an end-to-end digital process and will provide us with proactive risk management capabilities and insights across multiple areas of our business from underwriting to sanctions, as well as legal and loss prevention.”

Concirrus CEO Andrew Yeoman said: “Skuld is well respected in the market, the team are at the forefront of the digital age and to have the business choose Quest Marine across Skuld P&I and Skuld Hull is a fantastic endorsement. Skuld joins other leading organisations across the risk transfer market, all of whom have chosen Concirrus to provide a common set of data that supports the insurance community and drives profitability.”

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