#London #United Kingdom #Insurance Technology #Concirrus #AI Underwriting

Revolutionizing Property Insurance with Concirrus' New AI Platform

In a significant advancement for the insurance industry, Concirrus has unveiled its new AI-native platform, Concirrus Property, designed to transform how property insurance is underwritten. By automating complex underwriting processes, this innovative solution promises to deliver insurance quotes up to an astonishing 98% faster than traditional methods.

Historically, underwriters in the property and casualty insurance sectors faced a burdensome workload, often bogged down by the tedious manual processes involved in assessing risks and drafting quotes. Traditional underwriting practices not only consume valuable time but also tend to overlook critical data points, leading to inefficiencies and potential inaccuracies in risk evaluation.

In response to these challenges, Concirrus Property provides a robust automation framework that radically changes the underwriting landscape. By processing comprehensive datasets in mere seconds, the platform equips underwriters with detailed insights, allowing them to generate offers quickly and confidently. Vinod Singh, President of Concirrus, highlights that the aim of this technology is not to replace underwriters but rather to alleviate their workload, enabling them to focus on high-value tasks.

He explains, “The underwriting of properties requires navigating through extensive, often complex valuation lists, yet many existing solutions struggle to extract pertinent data or accurately geocode addresses. Concirrus provides rapid, reliable results, empowering underwriters to make prompt, well-informed decisions, successfully convert more deals, and manage their portfolios effectively.”

Early adopters of the Concirrus Property platform are already witnessing remarkable reductions in processing times, transforming previously cumbersome workflows. Users report that they have cut down the time from application submission to quote generation from several hours or even days to just minutes. Furthermore, the elimination of manual data entry streamlines the process, substantially enhancing productivity. With real-time risk assessment available prior to quote issuance, the closure rates have also elevated, allowing teams to scale their operations without incurring additional costs or personnel.

Matthew Twist, Chief Revenue Officer at Concirrus, asserts that by furnishing underwriters with reliable pricing insights, the platform allows them to excel at what they do best: closing more contracts, building stronger portfolios, and making informed risk decisions.

Designed specifically for entities dealing with intricate commercial property risks, Concirrus Property caters to a wide array of insurance needs. This includes coverages for commercial real estate, high-value portfolios, residential and industrial properties, construction risks, vacant and distressed properties, as well as locations prone to disasters.

Concirrus has established itself as a leader in insurance technology, specializing in transforming intricate risk assessments into AI-driven decisions. Their platform is tailored for automation, data-driven decision-making, and real-time portfolio management. It assists insurers in expediting proposal processes, enhancing risk selection, and cultivating more profitable portfolios.

With a broad spectrum of specialty lines covered—including property damage, aviation, transportation, surety, construction, and even political violence & terrorism—Concirrus is gaining the trust of leading insurers globally.

For more information about the groundbreaking Concirrus Property platform, visit www.concirrus.ai/property.

This latest development not only positions Concirrus at the forefront of insurance technology innovation but also sets a new standard in the speed and efficiency of the underwriting process, promising to revolutionize the industry for years to come.