The broker will be the first in the market to use Concirrus’ data and analytics platforms
Broker Howden is using insurtech Concirrus’ Quest Marine Hull and Quest Cargo solutions to help deliver its digital transformation programme.
The offering aims to support Howden to provide better risk management and insurance products for clients.
For example, Quest Marine Hull is a data and analytics platform for marine hull insurance that interprets complex datasets in real-time to support risk management.
Quest Cargo, meanwhile, is an artificial intelligence-powered cargo data analytics platform which provides insight for the cargo insurance market.
Andrew Yeoman, Concirrus’ chief executive, said: “Our goal is to support Howden in differentiating themselves in such a crowded, competitive market by adding value to their excellent customer relationships through data-led insights and innovative services.
“We’re seeing incumbents and new market entrants jostling for position in the marine market and a mastery of data, leading to an improved understanding of risk, will be the differentiator going forward.”
Optimising insurance programmes
Howden will be the first company in the broker market to use Quest Cargo to help inform the development of its new digital platform for cargo business, xTrade Cargo.
Jonathan Eaton, global head of cargo at Howden, said: “Integrating the insight available in Quest Cargo will enhance the new products and services we’re developing.
”It’s not just about more data - it’s how we can continuously translate the insights it provides into better performing, better value products for clients that’s most interesting.”
Daniel Whiteside, Howden’s global head of marine, added: “By working with Concirrus, we can better support our clients with insights that inform better risk management.
“The Concirrus elements not only allow us to see what’s happened, but they also allow us to analyse a range of scenarios, inform better discussions with markets and ultimately optimise clients’ insurance programmes.”
Yeoman continued: “It’s fantastic to be partnering with an ambitious company that’s built a reputation for being at the forefront of change.”