Arch signs up for Concirrus’ behavioural analytics platform
Arch Insurance International has signed up to use a behavioural analytics platform, Quest Marine, created by UK-based insurtech Concirrus.
Quest Marine provides enhanced forecasting capabilities based on observations of the broader insurance market, allowing Arch to digitalise the assessment, pricing and monitoring of marine risk for new and existing business.
Jake Gibbs, head of marine and energy at Arch Insurance International, highlighted the complexity and evolving risks inherent in the marine sector.
“By augmenting model data with real-time information specific to the activities of individual vessels, we can assess and price risk more accurately, providing greater certainty for both our brokers and their clients,” he said.
Concirrus said structural changes in the insurance market, and COVID-19, have increased the prevalence of digital operating models.
Andrew Yeoman, chief executive at Concirrus, said: "Predictive pricing, risk management, operational efficiencies, and automation based on real-time changes in exposure, provide opportunities for the market to adapt to new client needs.”