Concirrus, the trusted AI insurtech partner for speciality underwriting automation, announced the launch of Concirrus Property, a new AI-native platform helping insurers and MGAs cut the processing time from receipt of submission to getting a quote issued from days to minutes.
Traditionally, the manual nature of P&C and speciality insurance underwriting forces underwriters into tedious, repetitive work. Recent solutions scrape submission data but still miss vital fields, leaving underwriters with an organised version of the same problem.
Underwriting process
With Concirrus Property the underwriting process has been flipped delivering a fully enriched dataset in seconds, enabling underwriters to be first-to-quote, write more business and make smarter decisions about risk.
"Technology isn't here to replace underwriters, it's here to remove the operational burden," said Vinod Singh, President of Concirrus.
"Property underwriting demands handling massive, complex schedules of values, but most solutions struggle to extract schedules of values data or geocode addresses accurately. Concirrus gets it right in seconds, giving underwriters the speed, insight, and accuracy to win more and manage their books with confidence."
Submission processing times
Early adopters of Concirrus Property have already cut submission processing times from hours or days to minutes
Early adopters of Concirrus Property have already cut submission processing times from hours or days to minutes, moving from submission to quote up to 98% faster.
They've eliminated manual rekeying, gained real-time exposure visibility before quoting and improved quote-to-bind ratios, enabling teams to scale without adding cost or headcount.
"By giving underwriters trusted insights at the point of pricing, we free them to do what they do best, write more business, build stronger books and make smarter risk decisions," added Matthew Twist, Chief Revenue Officer at Concirrus.
Complex commercial property risks
Concirrus Property is designed for businesses underwriting complex commercial property risks including commercial real estate, high-TIV portfolios, habitational and industrial property, Builder's Risk, vacant and distressed assets and catastrophe-exposed zones.
