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Concirrus Launches AI-Driven Property Insurance Subscription Platform

Concirrus, a trusted name in insurtech specializing in artificial intelligence (AI), recently announced the launch of its cutting-edge AI platform, named Concirrus Property. This innovative system aims to transform the way property insurance is underwritten by drastically reducing the time it takes to process quotes—from days to minutes.

Streamlining the Workflow

Traditionally, insurance underwriting is often a tedious and repetitive task, requiring underwriters to sift through vast amounts of data manually. This labor-intensive process can substantially delay the issuance of quotes, hampering efficiency and responsiveness in the sector. With recent solutions merely automating data extraction, many essential fields remained unaddressed, leaving underwriters with an organized version of the same arduous task.

Concirrus Property alters this narrative by enriching the data set and delivering comprehensive insights in seconds. This efficiency enables underwriters to respond quicker, underwrite more business, and make well-informed risk assessments.

Vinod Singh, CEO of Concirrus, emphasizes, "Our technology is designed not to replace underwriters but to alleviate their operational burdens. The complexity of managing massive, intricate value lists in property underwriting is challenging, yet our platform successfully extracts necessary data swiftly and accurately. This speed empowers underwriters with critical information to optimize their portfolio management and enhance their profit margins."

Early User Successes

The initial users of Concirrus Property have reported dramatic improvements in processing times. They have successfully shortened the request processing time by up to 98%, transitioning from submission to quote in mere minutes—an impressive leap forward with the elimination of manual data re-entry. Additionally, this enhanced visibility of exposure in real-time before quoting further streamlines the underwriting process, allowing teams to scale their operations without incurring additional costs or hiring more staff.

Matthew Twist, Chief Revenue Officer of Concirrus, remarks, "By providing underwriters with reliable information at the moment of pricing, we empower them to focus on what they do best—generating more business, strengthening their risk portfolios, and making smarter risk decisions."

Targeting Complex Risks

Concirrus Property is tailored for businesses that underwrite intricate commercial property risks, encompassing commercial real estate, high-TIV portfolios, residential and industrial properties, construction risks, distressed assets, and properties in disaster-prone areas.

About Concirrus

Concirrus stands at the forefront of insurtech innovation, offering state-of-the-art technology that transforms complex insurance underwriting into AI-based decision-making processes. The platform is specifically designed for real-time portfolio management, data-driven decision making, and accelerated quote processing. Concirrus aids insurers in quoting faster, selecting risks more intelligently, and constructing more profitable business portfolios.

Their comprehensive solutions span various specialized lines, including property, aviation, marine, transportation, contractors, and political violence and terrorism (PVT) insurance. With a customer base including leading global insurers, Concirrus showcases its commitment to leveraging technology for a more efficient, effective insurance market. To learn more about their offerings, visit Concirrus Property.