The platform will provide Miller’s brokers with information which can target client improvement efforts on the most critical factors affecting the portfolio.
This can relate to vessel maintenance, organisational profile, or behaviour at sea, which means the efforts can then translate into savings at renewal, increasing the value added through a consultancy-led approach.
As underwriters continue to digitalise, they are gaining a deeper understanding of changes in account performance over time. Brokers that understand how these factors affect the risk, and therefore insurers’ pricing, can work with their clients to apply the necessary measures to improve performance, resulting in both closer relationships with their clients and more desirable business for the market.
For clients and underwriters that don’t have access to Quest Marine, Miller can share insights digitally or on the trading floor ensuring that the platform delivers value for all of Miller’s network.
Nick Summers, Head of Direct Marine at Miller commented: “Quest Marine allows us to enhance our offering to clients, utilising digitalisation and advanced behavioural insight in the assessment and placement of business.
“The insights available will enable us to build on our existing best-in-class approach, providing a comprehensive understanding of our clients risk profile, and ensuring we can better match capital to risk. The identification of fleet and vessel behaviour will help us to advise clients and offer new advice that could directly impact their renewal costs over time.”
Andrew Yeoman, CEO of Concirrus added: “We’re excited to be working with Miller on the evolving nature of brokerage in Marine markets. Broking will see a huge change in business model, moving from a dominance of transactional business through to long-term services. Miller’s focus will showcase how brokers will become more influential in a digital future, adding value through data-led insights and long-term relationships.”
Source: Reinsurance News
