Enhancing Risk Mitigation in Marine Insurance with Quest Marine
Technology Category
- Analytics & Modeling - Big Data Analytics
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Finance & Insurance
- Marine & Shipping
Use Cases
- Supply Chain Visibility
- Usage-Based Insurance
Services
- Training
The Customer
Not disclosed
About The Customer
The customer in this case study is a large commercial marine insurer. In an industry that is highly competitive and where costs are at an all-time high, the insurer was seeking ways to improve efficiency and mitigate risk. They were interested in gaining a better understanding of vessel behavior, uncovering opportunities to grow their business, and reducing their marine risk exposure. The insurer was looking for a solution that could provide a comprehensive analysis of their portfolio, combining policy, claims, and exposure data, and offer actionable insights.
The Challenge
The commercial marine insurance industry is highly competitive, with costs reaching an all-time high. A large commercial marine insurer was seeking ways to improve efficiency through advanced analysis of their portfolio. The insurer was struggling with gaining a clear visibility of vessel behavior, identifying opportunities to grow their business, and mitigating their marine risk exposure. The challenge was to find a solution that could provide a comprehensive analysis of their portfolio, combining policy, claims, and exposure data, and offer actionable insights to enhance risk mitigation.
The Solution
The insurer turned to Quest Marine, a marine insurance platform, to address these challenges. Quest Marine was deployed to ingest five years of policy, claims, and exposure data from the customer. This data was then combined with Concirrus’ proprietary datasets. The platform offered services to cleanse, ingest, and combine large datasets, carry out advanced data analytics, and produce risk reports to showcase insights into risk. The insurer was able to gain new insights into the performance of their portfolio, which allowed them to make changes to the way risk was selected, priced, and managed. To maintain access to real-time risk insights and continue to optimize their portfolio, the insurer can deploy Quest Marine software within their organization. The user-friendliness and cloud infrastructure of Quest Marine minimize training and implementation.
Operational Impact
Quantitative Benefit
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