Concirrus, a leading InsurTech innovator, has unveiled transformative technology that delivers nearly 100% accuracy in submission ingestion alongside instant rating and quoting capabilities.
This latest innovation marks a fundamental shift in the underwriting process, enabling insurers to enhance efficiency and write more business with unprecedented speed.
The launch of this new technology addresses a key challenge within the insurance industry—improving the quote-to-bind ratio.
Traditionally, insurers have faced inefficiencies due to manual data processing and inaccuracies in submission ingestion, with the industry standard for accuracy sitting at around 60%. Concirrus’ solution dramatically surpasses this benchmark, allowing insurers to increase their speed to quote, giving them a significant competitive edge in the market.
As a pioneering InsurTech firm, Concirrus leverages artificial intelligence and machine learning to optimise underwriting processes.
The company specialises in digital transformation for insurers, providing data-driven solutions that enhance risk evaluation, automation, and decision-making capabilities. Concirrus’ technology is designed to streamline operations and improve overall efficiency for insurers and brokers alike.
The core of this innovation is Concirrus’ proprietary submission ingestion engine, which integrates AI and machine learning to extract, validate, and structure data with near-perfect accuracy straight out of the box.
This technology eliminates the need for manual processing, significantly reducing errors and operational costs.
By leveraging a sophisticated agentic framework, the system uses collaborative agents to process data, challenge inconsistencies, and refine results, achieving a consistent accuracy rate of 95-98%.
In addition to submission ingestion, Concirrus has introduced advanced digital rating tools that enable insurers to evaluate risks and generate quotes within seconds.
This instant quoting capability enhances underwriting efficiency, improves broker and customer experiences, and strengthens insurer market positioning.
Beyond just ingestion and rating, Concirrus’ technology integrates seamlessly with insurers’ core systems, providing end-to-end automation and interoperability.
This unified digital platform empowers insurers with greater agility, scalability, and the ability to make data-driven decisions, ensuring they can adapt to market changes more effectively.
“Our mission has always been to empower insurers to unlock their full potential through technology,” Concirrus CEO Andy Yeoman said. “By delivering near-instant capabilities for submission ingestion and quoting, we are driving unparalleled efficiency in underwriting. This isn’t just innovation; it’s a fundamental shift in how the insurance industry operates.”
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