Protection and indemnity insurers are starting to develop business models to support loss prevention and underwriting activities based on digital technology, known as insurtech.
Last year, Skuld signed up with software developer Concirrus to use its digital P&I platform, Quest Marine, which employs predictive risk-modelling to inform underwriters and actuaries. In January, North P&I Club followed suit.
North P&I loss prevention director Colin Gillespie 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 behaviour-based data analytics."
