North P&I Club chooses Concirrus as new digital partner

North P&I | January 23, 2020

North P&I Club chooses Concirrus as new digital partner
North P&I Club has announced that it has chosen Concirrus as a digital partner. Concirrus’s digital platform, Quest Marine P&I, will contribute to North’s loss-prevention and risk-assessment capabilities, the company said. “The activities of the club’s loss-prevention department contribute significantly to the understanding of our members’ operations, and these will be augmented by leveraging the latest machine-learning techniques and behavior-based data analytics, which we can access through Quest Marine P&I,” said Colin Gillespie, director of loss prevention at North P&I Club. “This in turn has the potential to bring longer-term benefits to underwriting and risk selection, and we believe that the platform will become an important part of our loss-prevention tool kit.”

Spotlight

Advances in big data analytics, artificial intelligence and the Internet of Things promise to fundamentally transform the insurance industry and the role data plays in insurance. New sources of digital data, for example in online media and the Internet of Things, reveal information about behaviors, habits, and lifestyles that allow us to assess individual risks much better than before. In many instances, better data makes it possible to better align premiums and risks and to reduce the overall cost of insurance. This has great economic and societal benefits in that it allows premiums to signal risks, reduces the cost of informational asymmetries in insurance markets, and enhances efficiency, thereby boosting insurance protection.

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Spotlight

Advances in big data analytics, artificial intelligence and the Internet of Things promise to fundamentally transform the insurance industry and the role data plays in insurance. New sources of digital data, for example in online media and the Internet of Things, reveal information about behaviors, habits, and lifestyles that allow us to assess individual risks much better than before. In many instances, better data makes it possible to better align premiums and risks and to reduce the overall cost of insurance. This has great economic and societal benefits in that it allows premiums to signal risks, reduces the cost of informational asymmetries in insurance markets, and enhances efficiency, thereby boosting insurance protection.