Concirrus, an AI-powered insurance risk analytics provider, has teamed up with OceanMind, a company specialising in maritime compliance and emissions data.
This collaboration aligns with Concirrus’ environmental, social and governance (ESG) strategy, initially focusing on emissions tracking for insurers and protection & indemnity (P&I) clubs with decarbonisation targets.
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Concirrus will be able to tap into OceanMind’s ten years of expertise in marine enforcement and emissions monitoring, delivering insights for insurers, underwriters and P&I clubs.
OceanMind’s data solutions offer emissions modelling for the worldwide shipping fleet, providing insights on compliance with carbon intensity indicator ratings and the Poseidon principles.
The partnership empowers insurers using Concirrus’ ESG module to track portfolio performance against industry benchmarks and make informed underwriting decisions based on sustainability metrics.
By aligning with the Poseidon Principles, a global framework for assessing and disclosing the climate impact of ship financing and underwriting, it ensures insurers can effectively meet their sustainability goals.
Concirrus product director James Whitlam said: “Our collaboration with OceanMind marks a significant milestone in our ESG journey. By integrating OceanMind’s robust emissions data into our ESG module, we enable insurers to assess fleet sustainability with greater accuracy, align with evolving industry regulations and generate comprehensive disclosure reports.”
OceanMind founder and CEO Nick Wise said: “Concirrus is at the forefront of data-driven transformation in maritime insurance, and we are thrilled to partner with them to enhance ESG capabilities in the sector. For many shipping and maritime companies, emissions data and actionable compliance intelligence is now much more than a ‘nice-to-have’; these insights have become increasingly material as new regulations come into play and ESG targets are set.”
In September 2024, Concirrus also partnered with the 90 North Foundation to further expand its ESG objectives, focusing on the protection and sustainable management of the Arctic Ocean.
