Danish marine insurance and service provider Codan Marine has entered a multi-year contract with AI insurtech Concirrus to improve risk insights and prediction to strengthen solutions for customers.
Under the deal, Codan Marine has added Concirrus’ data analytics platform, Quest Marine, to their portfolio of advanced tools. It said that this will enable them to combine aggregated and enriched marine data with proven risk models to better predict risk behaviour.
Mikkel Gardner Andersen, Nordic marine risk manager at Codan, said: “For over ten years, we have used advanced tools to understand risks and today the newest technologies like machine learning are a part of our experience. Using Concirrus’ platform is therefore a natural step to further provide our underwriters with actionable insights and risk assessment capabilities including loss prevention, to drive informed business decisions and support shipowners.”
This is not the only deal that Concirrus has signed in recent months. In July, Reinsurance News reported that the firm had seen its Marine Hull Market Model adopted by re/insurer SCOR.
According to Concirrus, its Quest Marine product provides ‘real-time risk management across key segments of the marine market’. The firm boasts that it helps reduce costs across the value chain, leading to an improvement in ratios of 10% to 25%.
Regarding its link-up with Codan Marine, Andrew Yeoman, CEO of Concirrus said: “We are really pleased to enter this new partnership with Codan which extends our community of customers in the Marine market. We’re looking forward to working with the Codan team to help hone their underwriting process with powerful data analytics and capitalise on the new opportunities this presents.”