New actuary on board

We recently welcomed Fiona McPartland to our in-house analytics team. An Actuary by trade, Fiona brings over eight years of industry experience across a range of Specialty insurance products, including Marine, Energy and Construction. 

Fiona will provide dedicated analytical and pricing resource within the Marine Individual Club Business (ICB) team. The embedded nature of this role facilitates superior commercial awareness and client understanding, creating a strong position to deliver bespoke analysis for each client. 

Key areas she will focus on are; providing greater insight into retained loss cost and exposures based on existing reinsurance structures, reviewing existing cover to analyse trends in data and model alternative structures for optimal reinsurance alignment with client strategy and exposure appetite, and supporting negotiations with reinsurers to secure optimal terms for each client. 

As a team, we will also be focusing on analytical automation and innovation to drive efficiency, enabling each bespoke analysis to be easily refreshed, reviewed and modified overtime to ensure sustainable client cover. 

In driving innovation, Fiona will be championing the usage of the Concirrus platform, utilising its output for both client and portfolio reviews to convey insights on vessel behavioural characteristics which have been previously un-modelled via traditional experience rating.

Concirrus Quest platform 

To drive innovation within marine analytics, Miller recently invested in the Concirrus Quest platform to harness the value of predictive analytics. Quest is a leading digital platform, which uses big data and machine learning to provide behavioural analytics and risk scoring to Clubs and their members. We are using Quest to leverage better outcomes for our clients in the following ways:

Behavioral analytics and risk management

The Miller team can model client and member vessels via Quest to provide additional insight into underlying behavioral and risk management trends not typically seen in traditional datasets. In making this service available, the output can inform clients and their members when reviewing risk management processes and provide a deeper understanding of exposures and loss drivers. 

Leveraging ‘Big Data’

‘Big Data’ is a hot topic in the insurance world, and an ever-growing area of development. Often the challenge with large external data is cleansing and distilling it into valuable insights. The Quest platform has a team dedicated to this process and uses machine learning to generate insights at a micro and macro level. Miller uses this output to better inform clients of underlying member exposures, accumulations and vessel behavior against global (macro) benchmarks. This thereby empowers clients and their members with data to help mitigate risk, monitor exposures and improve loss experience.

Strengthening negotiations

The insight derived from Quest enables Miller to identify meaningful interactions between traditional exposure / loss data and external data sources. This in turn adds a strong analytical foundation to reinsurance negotiations for optimal structures tailored to each client’s exposure profile, and at competitive terms. 

The Concirrus Quest platform is starting to gain traction within the industry and the market has identified it as a valuable tool to better understand global marine exposure. Our investment in the platform ensures that we are well positioned to leverage data for the benefit of our clients. 

Do get in touch if you’d like to learn more about how Quest can work for you.