Concirrus And Codan Marine Enter Partnership To Improve Solution For Customers
Concirrus And Codan Marine Enter Partnership To Improve Solution For Customers
Codan Marine, a Danish marine insurance and service provider, has a multi-year agreement with AI insurtech Concirrus to increase customer solutions by enhancing risk insights and prediction.
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Quest Marine, Concirrus’ data analytics platform, has been added to Codan Marine’s arsenal of cutting-edge capabilities as a result of the agreement. It claimed that doing so would allow them to better forecast risk behavior by fusing enriched and aggregated marine data with tested risk models.
Mikkel Gardner Andersen, Nordic marine risk manager at Codan, said: “For over ten years, we have used advanced tools to understand risks and today the newest technologies like machine learning are a part of our experience.
Concirrus And Codan Marine Enter Partnership To Improve Solution For Customers
Using Concirrus’ platform is therefore a natural step to further provide our underwriters with actionable insights and risk assessment capabilities including loss prevention, to drive informed business decisions and support shipowners.”
This is not the only deal that Concirrus has signed in recent months. In July, Reinsurance News reported that the firm had seen its Marine Hull Market Model adopted by re/insurer SCOR.
Concirrus And Codan Marine Enter Partnership To Improve Solution For Customers
According to Concirrus, it’s Quest Marine product provides ‘real-time risk management across key segments of the marine market’. The firm boasts that it helps reduce costs across the value chain, leading to an improvement in ratios of 10% to 25%.
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Regarding its link-up with Codan Marine, Andrew Yeoman, CEO of Concirrus said: “We are really pleased to enter this new partnership with Codan which extends our community of customers in the Marine market. We’re looking forward to working with the Codan team to help hone their underwriting process with powerful data analytics and capitalize on the new opportunities this presents.”
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