Concirrus Launches AI-Driven Platform for Rapid Insurance Quotes Up to 98% Faster
Concirrus has made a significant leap in the insurance sector with the launch of its groundbreaking AI-powered platform, Concirrus Property. This platform is designed to streamline the underwriting process, enabling insurers and Managing General Agents (MGAs) to cut down the time taken to generate quotes from several days to just minutes. In traditional insurance practices, the underwriting process is often bogged down by manual operations that require repetitive and tedious tasks, making it a drawn-out affair for underwriters.
This new offering by Concirrus looks to address these inefficiencies head-on. While many existing solutions have begun to automate data collection, they frequently miss critical information fields. This oversight can leave underwriters navigating through the same problems under an organized guise. Concirrus Property reverses this trend by delivering a fully enriched dataset in mere seconds. This rapid response allows underwriters to offer quotes faster, ultimately increasing their business opportunities and enhancing risk assessment capabilities.
Vinod Singh, President of Concirrus, emphasizes that this technology doesn't aim to replace underwriters but to alleviate their operational burdens. He notes that property underwriting requires extensive processing of complex datasets; however, many current systems struggle to extract data or geocode addresses accurately. Concirrus, on the other hand, excels in providing correct outputs in a fraction of the time, giving underwriters not only speed but also the precision needed to secure more contracts and manage their portfolios effectively.
Feedback from initial users of Concirrus Property has been overwhelmingly positive, with reports indicating that processing times for quotes have decreased by up to 98%. This transformation means that applications can be evaluated in just minutes, compared to the previous hours or even days, effectively eliminating manual data re-entry and providing real-time exposure visibility leading up to quote generation. The result is a healthier quote-to-commit ratio, enabling teams to scale operations without increasing costs or headcount.
Matthew Twist, Revenue Director at Concirrus, adds, "By equipping underwriters with reliable information at the point of pricing, we empower them to excel in their primary role—growing their portfolios, making wiser risk-based decisions, and enhancing overall efficiency."
Concirrus Property is tailored specifically for businesses that deal with complex commercial property risks, including commercial real estate, high-value asset portfolios, residential and industrial properties, construction risks, distressed and vacant properties, as well as those located in disaster-prone areas.
Founded with a vision to revolutionize specialty and commercial insurance, Concirrus develops technology that transforms complex underwriting into data-driven decision-making processes. By leveraging a platform built for automation, data-informed decision-making, and real-time portfolio management, the company helps insurers produce quotes more efficiently, select risks intelligently, and build more profitable businesses. Their solutions cater to an extensive range of specialty lines, encompassing property, aviation, transport, marine, surety, construction, and geopolitical risks like terrorism and political violence.
Concirrus stands out as a trusted partner among top insurers worldwide, underscoring the credibility and efficacy of its technological advancements. For more information or to learn how Concirrus Property can enhance your underwriting processes, visit www.concirrus.ai/property.
This new offering by Concirrus looks to address these inefficiencies head-on. While many existing solutions have begun to automate data collection, they frequently miss critical information fields. This oversight can leave underwriters navigating through the same problems under an organized guise. Concirrus Property reverses this trend by delivering a fully enriched dataset in mere seconds. This rapid response allows underwriters to offer quotes faster, ultimately increasing their business opportunities and enhancing risk assessment capabilities.
Vinod Singh, President of Concirrus, emphasizes that this technology doesn't aim to replace underwriters but to alleviate their operational burdens. He notes that property underwriting requires extensive processing of complex datasets; however, many current systems struggle to extract data or geocode addresses accurately. Concirrus, on the other hand, excels in providing correct outputs in a fraction of the time, giving underwriters not only speed but also the precision needed to secure more contracts and manage their portfolios effectively.
Feedback from initial users of Concirrus Property has been overwhelmingly positive, with reports indicating that processing times for quotes have decreased by up to 98%. This transformation means that applications can be evaluated in just minutes, compared to the previous hours or even days, effectively eliminating manual data re-entry and providing real-time exposure visibility leading up to quote generation. The result is a healthier quote-to-commit ratio, enabling teams to scale operations without increasing costs or headcount.
Matthew Twist, Revenue Director at Concirrus, adds, "By equipping underwriters with reliable information at the point of pricing, we empower them to excel in their primary role—growing their portfolios, making wiser risk-based decisions, and enhancing overall efficiency."
Concirrus Property is tailored specifically for businesses that deal with complex commercial property risks, including commercial real estate, high-value asset portfolios, residential and industrial properties, construction risks, distressed and vacant properties, as well as those located in disaster-prone areas.
Founded with a vision to revolutionize specialty and commercial insurance, Concirrus develops technology that transforms complex underwriting into data-driven decision-making processes. By leveraging a platform built for automation, data-informed decision-making, and real-time portfolio management, the company helps insurers produce quotes more efficiently, select risks intelligently, and build more profitable businesses. Their solutions cater to an extensive range of specialty lines, encompassing property, aviation, transport, marine, surety, construction, and geopolitical risks like terrorism and political violence.
Concirrus stands out as a trusted partner among top insurers worldwide, underscoring the credibility and efficacy of its technological advancements. For more information or to learn how Concirrus Property can enhance your underwriting processes, visit www.concirrus.ai/property.
Topics Consumer Technology）
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