Norwegian marine insurer Skuld has linked with InsurTech business Concirrus to deploy Quest Marine – the latter’s behaviour-based data analytics platform.
Skuld is the first P&I Club to integrate Quest Marine with its business systems. Skuld said that it would enable the insurer to Identify suspicious loss behaviour, develop risk monitoring insights, and advise members on ways to reduce risk based on a behavioural risk scoring system jointly developed by Skuld and Concirrus.
Skuld CEO Ståle Hansen said that “the future of marine insurance involves digital tools, and Quest Marine will enhance our risk understanding and loss prevention, as well as supporting our focus on strong personal relationships and service for our members and clients. Technology will increasingly play an integral role in improving loss ratios and loss prevention measures. This partnership with Concirrus is an important strand in our development of an end-to-end digital process and will provide us with proactive risk management capabilities and insights across multiple areas of our business from underwriting to sanctions, as well as legal and loss prevention.”
Concirrus CEO Andrew Yeoman said that for Skuld to choose Quest Marine across Skuld P&I and Skuld Hull was “a fantastic endorsement”.