Concirrus Case Studies Enhancing Risk Mitigation in Marine Insurance with Quest Marine

	Enhancing Risk Mitigation in Marine Insurance with Quest Marine Concirrus

Enhancing Risk Mitigation in Marine Insurance with Quest Marine

Concirrus

Technology Category	Analytics & Modeling - Big Data Analytics Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries	Finance & Insurance Marine & Shipping
Use Cases	Supply Chain Visibility Usage-Based Insurance
Services	Training
Challenge	The commercial marine insurance industry is highly competitive, with costs reaching an all-time high. A large commercial marine insurer was seeking ways to improve efficiency through advanced analysis of their portfolio. The insurer was struggling with gaining a clear visibility of vessel behavior, identifying opportunities to grow their business, and mitigating their marine risk exposure. The challenge was to find a solution that could provide a comprehensive analysis of their portfolio, combining policy, claims, and exposure data, and offer actionable insights to enhance risk mitigation. Read More
About Customer	The customer in this case study is a large commercial marine insurer. In an industry that is highly competitive and where costs are at an all-time high, the insurer was seeking ways to improve efficiency and mitigate risk. They were interested in gaining a better understanding of vessel behavior, uncovering opportunities to grow their business, and reducing their marine risk exposure. The insurer was looking for a solution that could provide a comprehensive analysis of their portfolio, combining policy, claims, and exposure data, and offer actionable insights. Read More
Customer Name	Not disclosed Read More
Solution	The insurer turned to Quest Marine, a marine insurance platform, to address these challenges. Quest Marine was deployed to ingest five years of policy, claims, and exposure data from the customer. This data was then combined with Concirrus’ proprietary datasets. The platform offered services to cleanse, ingest, and combine large datasets, carry out advanced data analytics, and produce risk reports to showcase insights into risk. The insurer was able to gain new insights into the performance of their portfolio, which allowed them to make changes to the way risk was selected, priced, and managed. To maintain access to real-time risk insights and continue to optimize their portfolio, the insurer can deploy Quest Marine software within their organization. The user-friendliness and cloud infrastructure of Quest Marine minimize training and implementation. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Big Data Analytics

Platform as a Service (PaaS) - Application Development Platforms

Applicable Industries

Finance & Insurance

Marine & Shipping

Use Cases

Supply Chain Visibility

Usage-Based Insurance

Services

Training

Challenge

The commercial marine insurance industry is highly competitive, with costs reaching an all-time high. A large commercial marine insurer was seeking ways to improve efficiency through advanced analysis of their portfolio. The insurer was struggling with gaining a clear visibility of vessel behavior, identifying opportunities to grow their business, and mitigating their marine risk exposure. The challenge was to find a solution that could provide a comprehensive analysis of their portfolio, combining policy, claims, and exposure data, and offer actionable insights to enhance risk mitigation.

About Customer

The customer in this case study is a large commercial marine insurer. In an industry that is highly competitive and where costs are at an all-time high, the insurer was seeking ways to improve efficiency and mitigate risk. They were interested in gaining a better understanding of vessel behavior, uncovering opportunities to grow their business, and reducing their marine risk exposure. The insurer was looking for a solution that could provide a comprehensive analysis of their portfolio, combining policy, claims, and exposure data, and offer actionable insights.

Customer Name

Not disclosed

Solution

The insurer turned to Quest Marine, a marine insurance platform, to address these challenges. Quest Marine was deployed to ingest five years of policy, claims, and exposure data from the customer. This data was then combined with Concirrus’ proprietary datasets. The platform offered services to cleanse, ingest, and combine large datasets, carry out advanced data analytics, and produce risk reports to showcase insights into risk. The insurer was able to gain new insights into the performance of their portfolio, which allowed them to make changes to the way risk was selected, priced, and managed. To maintain access to real-time risk insights and continue to optimize their portfolio, the insurer can deploy Quest Marine software within their organization. The user-friendliness and cloud infrastructure of Quest Marine minimize training and implementation.

Impact #1	The deployment of Quest Marine led to significant operational improvements for the insurer. They gained better visibility of vessel behavior, which allowed them to make more informed decisions about risk selection, pricing, and management. The insurer was also able to uncover opportunities to grow their business, thanks to the advanced data analytics provided by the platform. Furthermore, the risk reports produced by Quest Marine gave the insurer new insights into their risk exposure, enabling them to take steps to mitigate this risk. The user-friendliness and cloud infrastructure of Quest Marine also minimized the need for extensive training and implementation, making it a practical solution for the insurer.

Impact #1

The deployment of Quest Marine led to significant operational improvements for the insurer. They gained better visibility of vessel behavior, which allowed them to make more informed decisions about risk selection, pricing, and management. The insurer was also able to uncover opportunities to grow their business, thanks to the advanced data analytics provided by the platform. Furthermore, the risk reports produced by Quest Marine gave the insurer new insights into their risk exposure, enabling them to take steps to mitigate this risk. The user-friendliness and cloud infrastructure of Quest Marine also minimized the need for extensive training and implementation, making it a practical solution for the insurer.

Benefit #1	The insurer was able to improve their loss ratio by more than 7%.
Benefit #2	The insurer gained access to five years of policy, claims, and exposure data.
Benefit #3	The insurer was able to combine their data with Concirrus’ proprietary datasets.

Benefit #1

The insurer was able to improve their loss ratio by more than 7%.

Benefit #2

The insurer gained access to five years of policy, claims, and exposure data.

Benefit #3

The insurer was able to combine their data with Concirrus’ proprietary datasets.

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Overview

Enhancing Risk Mitigation in Marine Insurance with Quest Marine

Operational Impact

Quantitative Benefit