SCOR looks to improve loss ratios in marine business

Global reinsurer  SCOR is working with insurtech  Concirrus to help improve loss ratios within its marine line of business.

Concirrus’ marine hull market model, which is delivered via its data and analytics platform, Quest, leverages the insight of multiple data sources for a market-wide perspective on valuing an account, delivering a view that could not be developed by a single insurer in-house.

The scale of aggregate data used means the predictability of the market model becomes more refined and aligned with broader market trends – the outcome of which is a model that is both relevant and highly reliable, the insurtech explained.

Gregory Delaisse (pictured right), global head of marine specialty insurance at  SCOR, said: “Working with a technology partner that is focused on delivering value to the insurance industry was important for us and it’s the reason why we were attracted to  Concirrus and what it could offer. We were interested in  Concirrus’ Hull Market Model, and we’re excited to work with the team to further develop this capability to ensure that it integrates and supports our own in-house model and in turn, enables us to maintain and improve our current book of business.”

Andrew Yeoman (pictured left), CEO of  Concirrus, added: “It’s great to be working with  SCOR – a company that truly understands data and data science and the benefits it can deliver to their business. It’s companies like  SCOR that are embracing the new era of insurance and by working together, we can enhance our modelling capabilities to ensure that they continue to deliver value to our clients and create a more sustainable future for commercial insurance.”

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