Insurtech Concirrus automates portfolio management for marine insurance

London-based insurtech Concirrus has unveiled a fully automated, algorithmically-driven underwriting application for marine insurance.

The new application combines submissions, analytics, pricing, and live monitoring capabilities into a fully automated workflow, enabling companies/syndicates to triage and quote business instantly from any location at any time. It focusses on high-volume, transactional business so that conventional underwriters can apply their expertise to more complex risk.

The criteria used to determine whether a risk is in appetite is set by underwriters and can also be adjusted on demand.

As the modules used to build the fully automated workflow are drawn from Quest Marine, the application can integrate directly into the wider platform, allowing for end-to-end portfolio monitoring.

Will Panchaud, product director at Concirrus, explained: “Innovation is solving complex problems within Marine Insurance while accelerating the adoption of digital working methods. Our suite of technologies can now help clients take the next step forward and apportion significant parts of their portfolio into an automated segment. The new products and services created from this application will help cater for the changing needs of the market while integrating with current infrastructure.”

Andrew Yeoman, CEO of Concirrus, added: “Using machine intelligence to automatically transact business will emerge as a key and non-optional feature of every market participant. By automating the placement of such business through the same tools senior underwriters use to analyse complex risk, the market gains a complete solution. A solution that maximises underwriting skills and administrative efficiency with the right level of control and scalability. Resources can be allocated where they need it most so that insurers can optimise profitability and operating costs.”