#USA #New York #Insurtech #Concirrus #AI Underwriting

Concirrus Revolutionizes Property Underwriting with AI Technology

In a significant stride towards automation in the insurance sector, Concirrus has officially launched its new AI-first property underwriting platform, aptly named Concirrus Property. This cutting-edge tool is designed to empower insurers and Managing General Agents (MGAs) by dramatically slashing the time it takes to issue quotes. The platform is capable of reducing typical processing times from several days to mere minutes, marking a game-changing advancement in the industry.

Historically, the property and specialty insurance underwriting processes have been hampered by labor-intensive tasks that often leave underwriters bogged down in repetitive data entry. While recent technological solutions have attempted to alleviate this issue through data scraping, they frequently fall short of capturing essential information, thus failing to truly streamline the process. Concirrus Property aims to revolutionize this by flipping the underwriting process on its head, delivering a rich and fully enriched dataset within seconds.

Vinod Singh, President of Concirrus, emphasizes that the goal of this technology is not to replace underwriters but to alleviate the operational burdens they face. For underwriters dealing with complex insurance requirements and vast amounts of data, the ability to swiftly extract and organize information is critical. Concirrus Property excels in this area, providing accurate geocoding and extracting necessary schedules of values data in an astounding timeframe.

Early users of this platform have reported staggering decreases in submission processing times, achieving reductions of up to 98%. By transitioning from traditional systems to Concirrus Property, these companies have succeeded in eliminating the need for manual rekeying, enabling real-time exposure visibility prior to quoting and enhancing quote-to-bind ratios. This not only empowers underwriting teams to scale operations without incurring significant additional costs but also allows them to focus on strategic decision-making regarding risk.

Matthew Twist, Chief Revenue Officer at Concirrus, remarked, "By equipping underwriters with reliable insights at pricing stages, we enable them to focus on what they do best — writing more business while making informed risk decisions."

Concirrus Property is specifically tailored for businesses involved in underwriting complex commercial property risks, covering a broad spectrum of areas such as commercial real estate, builder’s risk, industrial property, as well as addressing vacancies and distressed assets located in catastrophe-prone zones. This targeted focus makes it an invaluable asset for organizations facing the daunting task of managing diverse property risks.

About Concirrus

Concirrus aims to redefine the landscape of specialty and commercial insurance through its groundbreaking technology. The company specializes in transforming complex underwriting scenarios into effortless, AI-driven decisions. Their platform is built for automation, data-centric decision-making, and real-time portfolio oversight, enabling insurers to quote faster, make more informed risk selections, and subsequently build more profitable business portfolios.

Furthermore, their solutions extend to a wide array of specialty lines including aviation, marine insurance, construction, surety, and political violence terrorism (PVT). Recognized and trusted by leading insurers around the globe, Concirrus continues to push the boundaries of what is possible in the insurtech space. For more insights into Concirrus Property, visit Concirrus.