Concirrus says its big data and machine learning platform, Quest, has helped marine insurers improve their loss ratios by seven per cent.

Andrew Yeoman, Concirrus Founder and CEO, says Quest is similar in principle to black box, or telematics, insurance for cars: “We monitor how, where and when a vessel is used and combine this with who owns it, information about which ports it visits, whether there have been port inspections, what cargo it carries, etc. Then we make judgments on those movements, the utilisation of the vessel, etc., for the insurers to decide if they are going to insure it and, if they are, what price should be paid.

Quest accesses and interprets the data, combining this with historical claims information to reveal behaviours and patterns that correlate to claims.