#USA #New York #Concirrus #AI Underwriting #property insurance

Concirrus Launches AI-First Property Underwriting Platform

Concirrus, an esteemed player in the insurtech space, has recently made waves with the unveiling of its innovative platform, Concirrus Property. Designed to streamline the insurance underwriting process, this AI-first solution offers remarkable time efficiency, reducing the duration from submission to quote generation to mere minutes—up to 98% faster than traditional methods.

Traditionally, underwriting in property insurance has been a laborious task dominated by manual processes, laden with repetitive data entry and exhaustive information analysis. Despite advances in technology, many existing solutions have not effectively addressed a critical gap: the incompleteness of submission data. As a result, underwriters often find themselves overwhelmed by unstructured information, which complicates decision-making.

With the introduction of Concirrus Property, this scenario is being turned on its head. The platform leverages an AI-driven approach to enrich data and streamline the underwriting workflow. Vinod Singh, President of Concirrus, emphasized that the technology is designed not to replace underwriters, but rather to alleviate the operational burdens that plague their daily activities.

"Property underwriting requires meticulous attention to vast and complex schedules of values," said Singh. "Many existing solutions struggle to accurately extract this data or geocode addresses. Concirrus Property resolves these issues in seconds, equipping underwriters with essential speed and insight to make informed decisions."

The impact of adopting Concirrus Property has already impressed early adopters, who reported substantial reductions in submission processing times—transforming hours or even days into mere minutes. This newfound efficiency has not only minimized the need for manual data entry but also enhanced visibility into real-time exposure, thereby improving quote-to-bind ratios. As a result, teams can scale operations without the burden of adding additional costs or headcount.

CRO Matthew Twist noted, "By providing underwriters with reliable insights at the moment of pricing, we empower them to focus on what truly matters—writing more business, nurturing stronger client relationships, and making smarter risk assessments."

Concirrus Property is crafted specifically for entities managing complex commercial property risks, which include commercial real estate, high-TIV portfolios, as well as builders' risk and industrial property. Its target audience extends to properties that might involve additional complexities or risks, such as vacant and distressed assets, or those situated in catastrophe-exposed zones.

As Concirrus continues to redefine the landscape of commercial insurance, the company remains devoted to providing cutting-edge technology that simplifies the underwriting process. Its robust platform features enhanced data-driven decision-making capabilities and real-time portfolio management, enabling insurers to quote faster and select risks with increased precision. The company's solutions encompass a broad spectrum of specialty lines, including property, aviation, transportation, marine, and construction, and are trusted by leading insurers worldwide.

For those keen on learning more about how Concirrus Property can transform their underwriting processes, visit www.concirrus.ai/property.