Concirrus, The trustworthy AI insurance partner for the automation of the risk examination of special insurance companies today gave the market launch of Concirrus Property Known, a new AI-native platform that helps insurers and MGAs to shorten the processing time from receipt of the application to the issuance of an offer from days to minutes.
Traditionally, the manual procedure for drawing damage and accident insurance as well as special insurance companies forced insurers to work more laboriously, repetitive work. Current solutions record the submitted data, but leave important fields disregarded, so that underwriters are still faced with the same problem, only in a clearer form.
With Concirrus Property, the underwriting process is turned upside down, so that a comprehensive data set is provided within seconds, which enables it to be underwriting as the first offers, to conclude more contracts and make more and more well-founded decisions regarding risks.
“The technology is not there to replace the underwriters in insurance, but to reduce the workload,” said Vinod Singh, President of Concirrus. “Risk testing of real estate requires the processing of extensive, complex lists, but most solutions have difficulty extracting or addressing value list data. Concirus delivers the right results and enables underwriters within seconds to decide quickly, well -founded and precisely to complete more contracts and to safely manage their portfolios.”
The first user of Concirrus Property have already reduced the processing time from hours or days to minutes and are from submitting to the offer to up to 98 % faster. The manual new entry of data does not apply, the risk is displayed in real time before creating the offer and the final rate has increased so that teams can increase their volume without additional costs or personnel.
“By giving the underwriters reliable insights into the pricing, you can do what you can do best: Complete more contracts, build more portfolios and hit more detailed risk differences,” adds Matthew Twist, Chief Revenue Officer at Concirrus.
Concirrus Property Was developed for companies that insure complex commercial real estate risks, including commercial properties, portfolios with a high total insurance value, residential and industrial mobile, building risks, empty and needy objects as well as areas at risk of disaster.
Information about concirrus
Concirrus offers impressive technology for special and commercial insurance and transforms complex risk tests into AI-based decisions. With a platform that was specially developed for automation, data-supported decisions and real-time portfolio management, we insurers support you in creating offers faster, selecting risks more intelligently and building more profitable portfolios.
Our solutions support a wide range of special sectors, including property damage, aviation, Transport, Transport, Deposit, Construction and Political violence & terrorism. Leading insurers worldwide trust us.
You can find more information at www.concirrus.ai/property
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