“Our customers now need reinsurance products that reflect and react to the changing landscape of risk.”
Those were the words of Willis Re Specialty chief executive Graeme Moore when insurtech Concirrus announced that it has entered into a strategic agreement with Willis Re. Aimed at ‘transforming’ specialty reinsurance products, the partnership will tap the vast data available from the Internet of Things.
Concirrus is the name behind Quest, an insurance software platform that allows existing and new data to be presented in a way that provides valuable insights to help improve loss ratios.
“The evolution of the insurance space embracing the digital era has now reached the shores of specialty business lines,” noted Printhan Sothinathan, chief of strategy at Willis Re Specialty.
“Our strategy is to lead this new digital era with like-minded (re)insurance partners. Together, we will develop methods and products that will reward early adopters by delivering positive client results.”
Willis Re, the reinsurance division of Willis Towers Watson, is joining Concirrus’s collaborative community called Power20.
Commenting on the deal, Concirrus CEO Andrew Yeoman stated: “It’s difficult to overstate the gravitas that Willis Re has in the market. We’re excited to start working alongside the team to apply behavioural analytics to the specialty reinsurance markets.”
Meanwhile Moore pointed to the commoditization of pricing and products in the past few years and the need to respond to the changes.
“Combining our analytics expertise and considerable distribution with Concirrus’s enterprise capabilities will shift the operating model for the specialty market,” he said.