How Concirrus Revolutionized Aviation Underwriting with AI
Concirrus Transformation in Aviation Underwriting
Concirrus, a pioneering force in AI technology for the insurance sector, has recently achieved the remarkable recognition of AI Implementation of the Year. This accolade was received during the prestigious US Insurance Awards 2025, highlighting the impressive collaboration between Concirrus and Applied Aviation, which serves as a key player in the North American aviation insurance industry.
Streamlining Underwriting Processes
In an effort to evolve the fundamentally labor-intensive and manual underwriting processes, Applied Aviation turned to Concirrus. The integration of Concirrus' aviation-focused Large Language Model (LLM) platform has revolutionized the analysis and quoting of aviation risks. This evolved technology enables rapid processing, allowing for comprehending and evaluating every broker submission within minutes — a remarkable shift from the lengthy assessments that once consumed up to 36 hours.
Impactful Results of Collaboration
This progressive partnership has yielded key improvements that cannot be overlooked:
- Processing times have been slashed from 36 hours to less than 5 minutes per risk.
- Incorporation of AI is seamless, blending effortlessly into existing workflows, thereby allowing underwriters to dedicate their efforts to strategic decision-making instead of administrative tasks.
- Risk triage and pricing are now automated, leading to enhanced consistency, regulatory adherence, and improved feedback from brokers.
- Marking significant business expansion, Applied Aviation more than doubled its gross written premium without increasing its workforce proportionately.
Leadership Insights on AI Implementation
“This partnership with Concirrus and the implementation of their Aviation platform has been a game changer,” emphasized Steven Allen, President of Applied Aviation. “Concirrus enables us to respond to brokers and insureds more effectively, enhances our compliance with regulations, and allows our team to focus on strategic risk evaluation and excellent client service.”
The Power of AI in Underwriting
The success of this AI implementation serves as a convincing testament to how technologies can engender efficiency and scalability, leading to improved service offerings across specialized lines of insurance. The collaboration between Concirrus and Applied Aviation is being recognized as a definitive model for integrating AI within traditional underwriting frameworks without causing major disruptions in existing workflows.
“We are thrilled to see this partnership honored on such a prominent platform in the US insurance arena,” stated Andy Yeoman, CEO at Concirrus. “Our victory exemplifies the tangible, quantifiable impact of AI when it is developed with extensive industry insights and applied in a way that enhances the pivotal role of underwriters, rather than replacing them.”
About Concirrus
Concirrus stands out in the specialty and commercial insurance landscape by providing innovative and impressive technology solutions, converting complex underwriting tasks into swift, AI-driven decisions. Their uniquely designed platform emphasizes automation, data-based decision-making, and timely portfolio supervision, enabling insurers to quote more quickly, assess risks intelligently, and cultivate more lucrative business portfolios.
Their solutions cater to a wide spectrum of specialty lines such as property, aviation, transportation, marine, surety, construction, and political violence & terrorism (PV&T). Concirrus is a trusted partner for leading insurers globally.
Frequently Asked Questions
What is the AI Implementation of the Year award?
This award recognizes outstanding achievements in the integration of AI technology within the insurance industry, highlighting innovative projects and partnerships.
How did Concirrus improve the underwriting process?
Concirrus utilized its AI-first platform to drastically reduce underwriting processing times from 36 hours to under 5 minutes, streamlining the entire risk assessment and quoting procedure.
What benefits did Applied Aviation experience?
Applied Aviation saw a significant rise in business growth, doubling its gross written premium without a proportional increase in staff, while enhancing regulatory compliance and consistency in underwriting.
Who is involved in the collaboration?
The partnership involves Concirrus, known for its AI technology, and Applied Aviation, an emerging player in aviation insurance.
What does Concirrus specialize in?
Concirrus specializes in providing AI technology for specialty and commercial insurance, focusing on automating the underwriting process and facilitating data-driven decision-making.
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