Global reinsurer SCOR has become the latest leading marine underwriter to tap into state-of-the-art big data systems.
SCOR has signed up with data tecnology company Concirrus’ Hull Market Model, a part of its Quest Marine insurance analytics product.
The Concirrus Marine Hull Market Model uses multiple data sources to help underwriters make better informed decisions.
The company claims it can help insurers improve underwriting performance by between 10% and 25%.
The use of sophisticated big data sources has grown rapidly over the last few years as part of the digitalisation of the marine insurance industry.
While some players still prefer the more traditional tried and tested methods, systems like Quest Marine are gaining traction.
It is now widely being used both in the main commercial marine insurance markets and by protection and indemnity mutual insurers.
SCOR is the fourth largest reinsurer and generates around $17.6m in premium annually.
“We were interested in Concirrus’ Hull Market Model, and we’re excited to work with the team to further develop this capability to ensure that it integrates and supports our own in-house model and in turn, enables us to maintain and improve our current book of business,” said Gregory Delaisse, global head of marine for speacialty insurance at SCOR.
Concirrus chief executive Andrew Yeoman said: “It’s companies like SCOR that are embracing the new era of insurance and by working together, we can enhance our modelling capabilities to ensure that they continue to deliver value to our clients and create a more sustainable future for commercial insurance.”
Other marine insurers to sign up to Concirrus include Aegis, Arch, Beazley, Chaucer, Hiscox, Skuld and North P&I Club.