Sirius_Vessel_Insurance

Vessel Insurance

What are the challenges you face?

Marine insurance is notoriously difficult to price. Large claims which may appear to come out of the blue after years of small or no claims by the same vessel.  

How we support you in solving these challenges?

Modelling contributing factors leading to marine insurance claims

We have worked extensively with marine insurers and analysed the impact of over 50 contributing factors in order to model the probability of a claim.  Back-tested and deployed over the last 3 years, the system sits alongside traditional actuarial, and relationship based models, allowing underwriters granularity of profitability at vessel level.

Our Solutions

As a leader in AI (Artificial Intelligence) for the marine environment, Sirius Insight delivers integrated and enhanced information to help you make informed critical decisions. We support you with your challenges, from understanding what your problems are to supplying you with automated and actionable information that can be used. Our range of applications to view this information is what makes us unique.

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SiriusRisk

Our risk tool gives a Star rating of 1 to 5 (where 5 is the least likely to claim) as well as presenting all of the analysed factors in an easy to view single page dashboard to help the insurer understand the vessel and its risk rating, This includes an extensive voyage history.

‘We have worked with Sirius to develop a claims forecasting tool to help us use artificial intelligence in the assessment of marine insurance risk.  We have several years of data now and the reliability of its output means that we have incorporated the tool as part of our risk selection and pricing processes'.

CEO, P&I Club