Major reinsurer SCOR has tapped into insurtech Concirrus’ data modelling capabilities to improve its marine line’s loss ratios.
Concirrus was founded to harness data and technology to improve loss ratios and increase specialty and commercial insurance’s operating efficiency.
Gregory Delaisse, global head of marine for specialty insurance at SCOR, said the reinsurer has teamed up with Concirrus to access its Hull Market Model.
The model is delivered via the insurtech’s data and analytics platform, Quest, which leverages the insight of multiple data sources to gain a market-wide perspective on valuing accounts. The scale of the aggregate data used makes the market model’s predictability more refined and aligned with broader market trends.
Delaisse added: “Working with a technology partner that is focused on delivering value to the insurance industry was important for us, and it’s the reason why we were attracted to Concirrus and what it could offer.
“We’re excited to work with the team to further develop this capability to ensure that it integrates and supports our own in-house model and, in turn, enables us to maintain and improve our current book of business.”
Concirrus CEO Andrew Yeoman added: “It’s great to be working with SCOR – a company that truly understands data and data science and the benefits it can deliver to their business. It’s companies like SCOR that are embracing the new era of insurance, and, by working together, we can enhance our modelling capabilities to ensure that they continue to deliver value to our clients and create a more sustainable future for commercial insurance.”