Skuld will partner leading insurance technology (insurtech) company Concirrus to develop data-driven digital systems in its hull and machinery and protection and indemnity insurance businesses.
The Oslo-based marine insurer has signed up to Concirrus’ Quest Marine service, which finds correlations between ship behaviour and risk, based principally on AIS and other external data sources.
The partners have also agreed to incorporate the technology into Skuld’s internal work systems and external services to members and clients.
Skuld chief executive Stale Hansen said the idea is to create a “bespoke system for us to improve external services and our own internal operations”.
“Skuld has been on a digital journey for some time now and been using the supporting tools for risk assessment, underwriting pricing and loss prevention,” he said.
New parameters
“What we found is that Concirrus is building up a solution where we can take up our own claims data and combine it with external data sources to find new parameters for underwriting and for it to be more precise.”
He hopes the combined data will be available to members and clients in a “real time” form, helping to provide up-to-date information on trading areas and loss prevention.
The project is likely to be rolled out in Skuld’s hull and machinery business first and then in its P&I line.
Concirrus chief executive Andrew Yeoman said the tie-up is the first time its insurtech systems will be integrated into back-office systems, representing the next step in insurtech’s expansion into marine insurance.
Skuld is not the only P&I club attempting to combine insurtech with underwriting and loss-prevention initiatives.
TradeWinds reported previously how the Swedish Club is developing similar digital systems, while other members of the International Group of P&I Clubs are experimenting to various degrees.
