With the information supplied by Quest, insurers and brokers can more accurately quantify risk, and outperform competitors that rely on traditional methods, by simultaneously reducing loss and enhancing their profits. The platform can be tweaked to the needs and existing infrastructure of businesses, giving it an edge over off-the-shelf competitors.

Though it is not a new company, having launched in 2012, it is clear that Concirrus remains focussed on innovation. It has invested in expanding its AI capabilities across the last few years as artificial intelligence use cases have skyrocketed. Most recently, it has launched its marine hull insurance market model, that leverages modern machine learning techniques to deliver heightened risk qualification for users.