Insurtech Concirrus partners with Marsh JLT and Willis Re on new AI-powered marine cargo solution

London-based insurtech Concirrus has launched a new artificial intelligence-powered cargo data analytics solution in partnership with brokers Marsh JLT Specialty and Willis Re Specialty. The company claims it has the potential to "revolutionise" the way cargo insurance is priced, selected and managed in the industry.

The new solution, called Quest Marine Cargo, will be available from first quarter 2020, and will fully integrate with Concirrus’ existing suite of hull and P&I capabilities. It will provide full analytics on the entire cargo journey - from factory gates to customer warehouse using advanced AI combined with the latest cargo monitoring.

Concirrus said the launch is a part of its wider innovation strategy which is centred around developing solutions that deliver greater efficiencies to the 300-year old re/insurance industry.

“The cargo market has been characterised by declining profitability, overcapacity, inefficient processes and a paucity of data," said Concirrus CEO Andrew Yeoman. "In our effort to help alleviate these challenges, we wanted to develop a new approach that would combine clients’ own exposure and major claims data with rich external partner data and in turn, optimise the underwriters understanding of risk performance and price identification.”

Marcus Baker, head of the global marine and cargo practice at Marsh JLT Specialty, said: “We believe that data has a fundamental part to play in the future of our industry. With the proliferation of sensors in the cargo industry, the need for a structured and standardised approach to managing this rich seam of information is critical. We are very pleased to be collaborating with Concirrus and look forward to co-developing innovative insurance products for the marine cargo market.”

Printhan Sothinathan, chief of strategy at Willis Re Specialty, added: “The Cargo market is in great need of improved data sources to enhance the market’s understanding of Cargo risks and accumulations. We are excited to be at the forefront of this drive by partnering with Concirrus to develop enhanced data solutions that will benefit both insurers and reinsurers.”

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