Concirrus Quest Marine’s Insurance Business Model: The Role of AI and Big Data
Concirrus, and their Quest Marine Platform, are an established insurtech within the marine insurance sector, capitalising on the growing ability of AI and Machine Learning to analyse vast quantities of data, so that the underlying behaviours of risk can be better understood. Concirrus Quest Marine is principally a data analytics platform that ingests current and historic data such as vessel and fleet information, loss data, ownership and maintenance records, cargo information and crew experience together with new forms of behavioural data such as GPS location, time at sea, shipping routes followed and ports used. This information is modelled to better understand the causes and potential consequences of accidents and claim magnitude, to reduce claims and therefore improve loss ratios. Risk rating factors are created using a combination of big data and AI techniques.
In this detailed case study, we explore the Concirrus’ business model.