Our software, Quest, accesses and interprets large sets of data, such as vessel and vehicle statistics, movements, machinery information and driver behaviour and combines this with historical claims information to reveal the behaviours that correlate to claims.
This new way of working presents exciting opportunities for insurance underwriters to manage the loss ratios of their risk pools, and accurately price new business without claims history.
The world of shipping is undergoing a digital revolution and marine insurers cannot afford to be left behind. From vessel movement data to port statistics and engine diagnostics, Quest empowers insurers to segment and optimise their existing portfolio, identify new sources of risk and opportunity and offer connected marine policies.
The Concirrus platform brings data from multiple IoT sources together in a secure cloud environment. From vessel diagnostics and weather information to connected cars and traffic data, Quest presents all of this data in one place and provides business insights.
In Quest, automated rules are set through which the data is interpreted, translating unstructured, raw information into human events. “A car is cornering at 50mph”. “A ship has just moved into a danger zone”. Machine learning allows insurance contracts to become live, tracking assets and risk in real-time.
With machine learning translating the raw data into human events, cause and effect can be measured with greater accuracy. This empowers insurers to segment and optimise their existing portfolio, identify new sources of risk and opportunity and differentiate their offering through connected marine policies.
Quest seamlessly integrates existing enterprise IT systems, leveraging historical data and automating the interpretation of complex information. The insights from Quest gives insurance teams the power to innovate - creating new policies and products that target the specific needs of their customers.