Concirrus, the trusted AI insurtech companion for specialty underwriting automation, introduced the launch of Concirrus Property, a brand new AI-native platform serving to insurers and MGAs minimize the processing time from receipt of submission to getting a quote issued from days to minutes.
Historically, the guide nature of P&C and specialty insurance coverage underwriting forces underwriters into tedious, repetitive work. Latest options scrape submission information however nonetheless miss very important fields, leaving underwriters with an organised model of the identical drawback.
With Concirrus Property the underwriting course of has been flipped delivering a completely enriched dataset in seconds, enabling underwriters to be first-to-quote, write extra enterprise and make smarter choices about threat.
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“Know-how isn’t right here to exchange underwriters, it’s right here to take away the operational burden,” stated Vinod Singh, President of Concirrus. “Property underwriting calls for dealing with large, complicated schedules of values, however most options wrestle to extract schedules of values information or geocode addresses precisely. Concirrus will get it proper in seconds, giving underwriters the velocity, perception, and accuracy to win extra and handle their books with confidence.”
Early adopters of Concirrus Property have already minimize submission processing instances from hours or days to minutes, transferring from submission to cite as much as 98% sooner. They’ve eradicated guide rekeying, gained real-time publicity visibility earlier than quoting and improved quote-to-bind ratios, enabling groups to scale with out including value or headcount.
“By giving underwriters trusted insights on the level of pricing, we free them to do what they do greatest, write extra enterprise, construct stronger books and make smarter threat choices,” added Matthew Twist, Chief Income Officer at Concirrus.
Concirrus Property is designed for companies underwriting complicated business property dangers together with business actual property, high-TIV portfolios, habitational and industrial property, Builder’s Danger, vacant and distressed belongings and catastrophe-exposed zones.
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