Case Study: Beazley improves marine risk pricing with Concirrus Quest Marine

Beazley Selects Concirrus Quest Marine Platform

Beazley plc, a specialist insurer operating across Europe, the United States, Canada, Latin America and Asia, wanted a better way to understand and price marine risk using its existing data. To address this challenge, Beazley selected Concirrus’ Quest Marine platform as an additional underwriting tool to help its actuaries and underwriters analyse risk more effectively.

Concirrus implemented Quest Marine, a behaviour-based data analytics and machine learning platform that combines billions of rows of risk data with Beazley’s loss and policy information. The solution helped Beazley uncover behaviours predictive of claims, improve risk selection and pricing, and gain a more detailed view of the risks it writes, with the goal of augmenting its pricing models and improving profitability.

Beazley PLC

Richard Young

Head of Hull & War