There should be no rocky waters for marine underwriters that want to carry out digital assessments. That’s the message from insurtech Concirrus, which has just launched a new submissions module designed to help them assess new business.
“We’re heading into an age of automation and AI as the insurance market becomes increasingly digital,” explained product director Will Panchaud (pictured). “It has never been more important to make the underwriting process as efficient as possible. Our new submissions module helps underwriters spend more time on portfolio management, complex risks, and negotiation, while technology automates the rest. With data-led decisions becoming the norm, the speed and accuracy of triaging submissions will be a key consideration of the insurers of tomorrow.”
Panchaud explained that COVID-19 has placed a strong emphasis on electronic submissions, and with the market hardening brokers are adding more underwriters as recipients for each submission. As a result, underwriters have, in some cases, been overwhelmed.
Now it hopes to solve the problem using AI. The technology allows email submissions to be ingested automatically on to the Quest Marine platform with risk profile data and pricing. As such, underwriters can quickly assess if the new business fits their risk appetite.
“By drawing on the capabilities of Quest Marine, Concirrus’ submissions module provides a comprehensive solution for today’s market needs,” Panchaud added.