Dun & Bradstreet has partnered with Concirrus to develop a tool designed to tackle unknown port, vessel and warehouse cargo aggregations.

From the days of the Lloyd’s coffee shop to the era of permacrisis, gaining an accurate understanding of cargo onboard a vessel or in a port has long presented a significant challenge for the maritime insurance industry.

This joint AI-driven solution now provides insurers with near real-time insights into their portfolio regarding accumulation of cargo and values onboard each vessel; ownership, company linkages and counterparties involved in each journey; and accumulation of cargo in ports and warehouses.

The partners say the solution has the potential to “revolutionise the process” between cedents and reinsurers, leading to more accurately deployed capital and streamlined reinsurance structures.

James Harrison, global head of insurance at Dun & Bradstreet said: "The marine insurance industry has been slow to adopt digital-based solutions and data-driven approaches, however with recent geopolitical events that is definitely starting to change. D&B’s data set combined with Concirrus’ cutting-edge AI technology will bring unparalleled new insights in the form of a risk tool to the global marine insurance market."

Andy Yeoman, CEO at Concirrus, added: "This is the solution that the market has needed for a long time and addresses a critical gap in marine insurance. By improving underwriting accuracy and by monitoring and managing aggregations, insurers can accurately manage their capital and offer a superior solution to clients.”

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