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Tuesday 15 May 2018

Concirrus steaming ahead in marine insurance

logoConcirrus, a Little British Battler from the 2103 intake, has continued to make excellent progress. Central to their success has been the decision to focus on the marine insurance sector and apply their analytical and machine learning skills to driving real value within it. This has meant building significant domain expertise and creating an ecosystem of relationships to engage in the complex value chains within the sector. Concirrus has now become an influential aggregator of a wide range of data regarding shipping, vessels and ports, providing insights which can enable insurance companies to improve the management of their risk portfolios and optimise pricing and returns.

The company has recently added several important partnerships, linking up with eniram, (a subsidiary of Finnish marine and energy market specialist Wärtsilä), to access information from eniram’s operational and asset management solutions to drive better insight. AON is also on board as an integral partner and key player in the global insurance market. Last month Concirrus added a go-to-market partnership, working with EY to accelerate adoption of its new, behaviour-based approach to underwriting and risk management in marine insurance.

Overall growth for Concirrus in 2017 was held back by some divestments, although the marine-related business reportedly doubled. Growth of over 50% is anticipated for the current year. The company is just completing a syndicated funding round which is expected to sustain the business until it reaches profitability.

The company is still seeking out new data sets to further enhance its risk insights and could broaden its service portfolio. Having established significant momentum and a position in the sector’s ecosystem, Concirrus is increasingly becoming a logical entry point for Insurtech companies wanting to serve this sector with new data sets and solutions. Concirrus looks on course for real success.

Posted by Peter Roe at '08:54' - Tagged: partnerships   analytics   big+data   insurance   insurtech  

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