Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has signed a deal with Impurity UK-based AI insurtech Concirrus that will utilize Concirrus’ big data and machine learning capabilities together with Insurity’s global marine cargo platform.
The companies said that the agreement would enable marine “to differentiate themselves through more competitive pricing while optimizing the balance between profitability and customer satisfaction”.
Insurity’s Marine Suite solution will integrate with Concirrus’ advanced analytics tools. Concirrus said that “by leveraging Insurity’s customer claim and shipment data, Concirrus will develop predictive models that adapt to the world’s supply chain dynamics. Insurity will provide an out-of-the-box connection to Concirrus applications, ensuring insurers can access and utilize these data-driven insights for informed decision-making”.
Concirrus CEO Andrew Yeoman said that “we operate in an environment where customers value integrated solutions that genuinely bring the best of all worlds. Insurity has the market-leading platform for declaration management and certificate issuance, and by bringing our capabilities together, Insurity customers benefit from a compelling analytics solution that ‘unlocks’ insights to drive efficiencies, reduce losses, and boost profits.”
Sylvester Mathis, Chief Insurance Officer at Insurity, said that “the logistics industry generates massive volumes of data related to global shipments, creating an urgent need to revolutionize pricing strategies and cargo risk management. Harnessing the power of this data and extracting valuable insights has become pivotal for our marine cargo customers. This partnership enables Insurity to provide modern, predictive analytics to our customer base without the expense of building and maintaining the models themselves”.