istock-615258648_phototechno
iStock/ Phototechno
26 November 2018Insurance

TransRe partners with insurtech Concirrus for new marine platform

Reinsurer TransRe has partnered with London-based insurtech Concirrus, a provider of marine and motor analytics, to jointly develop data-driven reinsurance products and services.

As part of the collaboration, TransRe will also join Concirrus' Power20, a group of insurance executives including members from Marsh and Antares, who will work together to assess how technology can be used to fundamentally change the marine insurance model to the benefit of all involved.

Concirrus has developed an artificial intelligence (AI) powered insurance software platform Quest Marine, which will enable the teams to assess and monitor the changes in marine portfolios in order to develop highly customised reinsurance structures.

“There is inherent uncertainty when creating reinsurance programs due to a lack of definitive data about a portfolio’s aggregate risk," said Andrew Yeoman, CEO of Concirrus. "Quest Marine enables an insurer to have a data-driven dialog with its reinsurer, which will reduce the frictional cost of doing business together. We look forward to working with TransRe to offer compelling marine solutions to our joint customers.”

Peter Clements, TransRe’s global marine leader, added: “We have been monitoring data and analytics developments in the marine market very closely, and we believe that Concirrus has the most compelling proposition. Concirrus has created the ‘Digital Power 20’, a unique community of industry partners to drive powerful digital change, and we are pleased to be a part of that future.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

US P&C reinsurers improve 9M underwriting results

AXA XL foregoes €100m GWP for ESG strategy

TigerRisk appoints vice chair for capital markets unit

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
22 May 2019   Willis Re, the reinsurance division of broker Willis Towers Watson, has entered into a strategic partnership with London-based insurtech company Concirrus.
Insurance
25 September 2018   London-based insurtech company Concirrus has raised £5 million in equity funding co-led by Cambridge-based venture capital firm IQ Capital and specialist insurtech investor Eos Venture Partners.
Insurance
20 September 2017   London-based insurtech company Concirrus launched an AI-powered marine insurance analytics platform called Quest.