North P&I Club has signed up with Concirrus, a digital technology provider to the insurance industry.
The move comes as more protection and indemnity clubs are looking into using so-called insurtech digital technology services to help boost their loss prevention and sanctions intelligence work.
“The activities of the club’s loss prevention department contribute significantly to the understanding of our members’ operations, and these will be augmented by leveraging the latest machine learning techniques and behaviour-based data analytics which we can access through Quest Marine P&I,” North P&I loss prevention director Colin Gillespie said.
“This in turn has the potential to bring longer term benefits to underwriting and risk selection and we believe that the platform will become an important part of our loss prevention toolkit.”
The deal with Concirrus involves the technology provider's Quest Marine P&I, which uses behavioural analysis and predictive modelling technology to assess risk.
So far, underwriters and brokers in the hull and machinery and war risk sectors have bought into Concirrus’ services, with clients that include Hiscox and Marsh JLT.
But the technology company is also now starting to make inroads into the P&I sector.
Norwegian P&I insurer Skuld signed a similar deal with Concirrus last year.
Digital growth
The Swedish Club is also using digital insurance technology for loss prevention from an alternative provider.
North P&I is to use Quest Marine for its loss-prevention work but is considering using it for underwriting in the future. Quest Marine also has a P&I pricing tool, which can be used for underwriting.
“We’re excited to have North join our client portfolio, applying Quest Marine P&I’s new risk modelling tools alongside portfolio optimisation and active risk management to enhance their extensive understanding of the market,” Concirrus chief executive Andrew Yeoman said:
“North’s recent growth and investment in its digital capabilities is testament to the benefits they can pass on to their members, ensuring they move forward in their customer-centric strategy. They chose Quest after an extensive comparative evaluation of other solutions, so we’re especially pleased to be working with them.”
