Specialist insurer Markel International has adopted the Quest Marine Hull platform from insurtech firm Concirrus, which uses behavioural insight to assess and monitor marine risk as an underwriting tool.
Markel says the platform will complement its strategy to examine digital data, ensuring underwriters have a real-time view of the global market.
With behavioural understanding and data-driven capabilities in place, Markel will utilise the active risk management functionality of Quest Marine Hull to monitor risk in real-time.
Vessel and port locations, accumulation, custom zones, and alerts can all be set to ensure underwriters can respond to changes in the circumstances of the insured as they happen.
Daniel McCarthy, Head of Hull and War at Markel International commented: “It’s vital we implement technologies that help us elevate performance, whilst maintaining our traditional customer-centric perspective.”
“Concirrus’ platform provides a comprehensive view of risk and enables us to use digital data to gain further insights into the drivers of risk.”
Andrew Yeoman, CEO of Concirrus further added: “Markel is a staple of specialty insurance, leading a global portfolio of marine risks. We are looking forward to working with Markel International to tackle the issues facing a rapidly changing industry.”