Concirrus Unveils an AI-Driven Property Underwriting Platform
Concirrus, a renowned provider of innovative insurtech solutions, has introduced Concirrus Property, a groundbreaking AI-first platform designed to enhance the underwriting process for insurers and managing general agents (MGAs). This revolutionary system drastically reduces the time needed to receive a quote, transforming what traditionally took days into mere minutes.
Historically, the property and casualty (P&C) insurance underwriting process has been somewhat of a cumbersome task, filled with manual data entry and repetitive procedures. Many recent advancements in technology sought to streamline this process by scraping submission data; however, these solutions often fell short, failing to capture essential fields that are necessary for effective underwriting.
With the launch of Concirrus Property, the approach to underwriting has been fundamentally modernized. The platform provides underwriters with a fully enriched dataset in a matter of seconds, allowing them to issue quotes faster than ever. This expedited process not only helps underwriters respond quickly but also encourages smarter decision-making when assessing potential risks.
“Technology is not here to replace underwriters, but rather to alleviate their operational challenges,” emphasized Vinod Singh, the President of Concirrus. He highlighted that property underwriting involves managing extensive and complex schedules of values, a feat that many existing solutions struggle to achieve accurately. Concirrus Property accurately extracts data and geocodes addresses within seconds, granting underwriters the speed and insights necessary to optimize their processes and enhance confidence in their decision-making capabilities.
Organizations that have adopted Concirrus Property are already experiencing remarkable improvements. Submission processing times have seen a significant reduction from hours, or even days, to just minutes, achieving up to 98% faster responses in moving from submission to quote. This progress eliminates the need for manual data re-entry, while also offering real-time visibility into exposure prior to issuing quotes. Furthermore, teams can improve their quote-to-bind ratios, enabling them to expand operations without incurring additional costs or needing to increase personnel.
“By equipping underwriters with reliable insights right during the pricing stage, we empower them to focus on what truly matters—writing more business, creating robust portfolios, and making informed risk decisions,” added Matthew Twist, Chief Revenue Officer at Concirrus.
The Concirrus Property platform is expertly crafted for businesses that underwrite a variety of complex commercial property risks, including but not limited to commercial real estate, high-total insurable value (TIV) portfolios, habitational and industrial properties, Builder's Risk coverage, vacant and distressed assets, as well as properties located in catastrophe-prone zones.
About Concirrus
Concirrus stands at the forefront of technological advancements within the specialty and commercial insurance sectors. Their mission revolves around transforming intricate underwriting processes into seamless AI-driven decisions. With a platform dedicated to automation, insightful data-driven decision-making, and real-time portfolio oversight, Concirrus empowers insurers to issue quotes more efficiently, select risks more judiciously, and cultivate more profitable business portfolios.
The solutions offered by Concirrus encompass a wide array of specialty lines, including property, aviation, transportation, marine, surety, construction, and political violence & terrorism (PV&T). The company is committed to building trusted relationships with leading insurers globally.
Frequently Asked Questions
What is Concirrus Property?
Concirrus Property is an AI-first platform that optimizes the property underwriting process, significantly reducing the time needed for quote generation.
How does this platform benefit underwriters?
It minimizes the operational workload, enhances data accuracy, and speeds up the submission to quote turnaround time.
What types of commercial property risks does it cover?
The platform caters to a variety of risks including commercial real estate, high-TIV portfolios, and properties in catastrophe zones.
Who can use Concirrus Property?
Insurers and managing general agents (MGAs) looking to enhance their property underwriting processes can utilize this platform.
How has the adoption of Concirrus Property impacted submission times?
Users have reported reductions in submission processing times by up to 98%, streamlining the overall underwriting flow.
