Partnership will allow underwriters to more accurately price future risks within SCOR’s marine line of business
Insurtech firm Concirrus has extended its partnership with SCOR. It will see Concirrus replace SCOR’s existing data model, enabling them to more accurately price future risks within its marine line of business.
Concirrus’ marine hull market data leverages the insight of multiple data sources. Andrew Yeoman, CEO of Concirrus, says: “The marine insurance market is in the eye of a storm with some tough challenges to navigate. Visibility is going to become the new normal.
”This will come down to having robust data and analytics capabilities because without them, companies will simply disappear.”
SCOR and Concirrus announced their working relationship a year ago, when SCOR sought to improve loss ratios within its marine line of business and began working with Concirrus to harness its Marine Hull Market Model and support their own in-house capabilities.
Gregory Delaisse, global head of Marine for Specialty Insurance at SCOR says: “Maintaining and improving our current book of business is crucial. Building more robust models allows us to do this and it’s great to be working with a technology partner like Concirrus.