The insurtech has also appointed a new chief commercial officer
Insurtech Concirrus has launched a new Internet of Things (IoT) platform for the commercial insurance market.
The platform will allow insurers to accelerate their transition to new digital operating models, facilitate the creation of new products and drive cost savings - irrespective of business line.
The platform’s modular technology incorporates years of investment and experience of working within the insurance market.
Andrew Yeoman, Concirrus’ chief executive, said: “We are headed to a future where all risk will be assessed algorithmically and traded digitally.
“Many insurers have the ambition to deliver innovative products to their customers, improve loss ratios [and] reduce operating expenses, but are held back by legacy platforms and technology.
”Concirrus has built the next generation decision platform to help insurers capture the value of data available from the IoT.
“Recent successes have allowed us to continue accelerating our artificial intelligence (AI) capabilities and address a rapidly growing international customer base.”
With its new technology offering, the insurtech aims to help businesses:
- Digitise and enrich their knowledge using a wide range of IoT data sets.
- Build artificial intelligence models to analyse risk and derive powerful predictions across lines of business.
- Optimise critical processes from risk to capital and from underwriting through to claims using a unique set of application processing interface (API) driven microservices that can be embedded into customer workflows.
Leading the new platform’s journey to market will be Scott McConnell, who has been appointed as chief commercial officer.
McConnell was previously financial services and insurance growth leader at Texas-based IT service management company, NTT Data Services.
He has many years of experience leading multinational teams and helping insurance companies transform their operations.
McConnell said: “I’m incredibly excited to be joining Concirrus. The combination of the potential of this new solution Concirrus has to offer and the strength of its investors and leadership team presented an exciting opportunity for me and I’m looking forward to expanding our customer and partner relationships globally.
“Fundamentally, we want to enable insurance companies to take advantage of AI, machine learning and data analytics and deliver true competitive advantage.”
As part of Concirrus’ expansion strategy, the company has also recently opened a new US office to help it further build relationships with key customers in the North American market.