Technology start-ups Concirrus and Windward have signed cooperation deals to advance digitalisation in the marine insurance market.
London-based Concirrus, which is backed by accountancy firm EY, is collaborating with US broker Marsh to develop its behavioural analytics systems.
Marsh wants to use Concirrus’ artificial intelligence (AI) and big-data product Quest Marine to provide fresh insights into insurance placement for clients, as well as developing new digital products.
Marcus Baker, chairman of Marsh’s global marine practice, described digital technology as the future of the sector.
“A significant enabler of growth and innovation, digitisation is set to revolutionise the global marine industry over the next 10 years,” he said. “Firms need to be able to leverage the very best data and technology in the market to continue to provide additional value to fleets and insurers alike.”
Quest Marine uses AI to reveal behavioural risk factors in real time and help underwriters quantify risk.
Concirrus raised £5m ($6.5m) from IQ Capital and Eos Venture Partners in September.
Marsh plans to acquire another major marine insurance broker, JLT, which has its own digital rating tool that maps the cost efficiency of protection and indemnity insurers.
Meanwhile, Tel Aviv-based Windward will provide analytics company IHS Markit with data on casualties, port state control and vessel features, to improve risk modelling for insurers, governments and shipping companies.
