Concirrus Transforms Specialty Underwriting with Near 100% Submission Accuracy and Instant Rating Capabilities

LONDON, Jan. 28, 2025 /PRNewswire/ -- Concirrus, a global leader in insurtech innovation, has introduced transformative technology that delivers an unheard-of near 100% out-of-the-box accuracy in submission ingestion combined with instant rating and quoting capabilities. This innovation directly enhances quote-to-bind ratios by combining unmatched accuracy and instant quoting, marking a fundamental shift in how underwriters work and empowering insurers to write more business with greater efficiency.

The transformative technology empowers insurers with the ability to achieve near-instant rating and quoting of insurance risks, fundamentally reshaping the competitive dynamics of the industry. While the current industry standard for submission ingestion accuracy sits at around 60% out-of-the-box, Concirrus has surpassed this benchmark with an unprecedented near 100% accuracy. This leap in efficiency empowers Concirrus customers with "speed to quote" as their ultimate weapon in the increasingly competitive underwriting arms race.

Revolutionizing Submission Ingestion
At the heart of this innovation lies Concirrus' proprietary submission ingestion engine, which combines state-of-the-art AI and machine learning algorithms to achieve near-perfect data accuracy straight out of the box. The system is designed to seamlessly extract, validate, and structure data from even the most complex submissions, eliminating manual processing delays and reducing operational costs for insurers.

"We've achieved nearly 100% accuracy with our proprietary agentic framework. This system uses collaborative agents to process data, challenge findings, and iteratively refine results. By resolving conflicts, it significantly reduces errors and achieves a consistent 95-98% accuracy." – Vinod Singh, President at Concirrus

Unlocking Instant Digital Rating and Quoting
By integrating its groundbreaking submission ingestion engine with advanced digital rating tools, Concirrus enables insurers to evaluate risks and generate quotes in a matter of seconds. This speed not only enhances underwriting efficiency but also creates a superior experience for brokers and customers alike, fostering stronger partnerships and boosting market share.

Reimagining Core Systems
Concirrus' solutions go beyond submission ingestion and rating - they redefine the very foundation of insurers' core systems. By enabling seamless integration, end-to-end automation, and interoperability, Concirrus provides insurers with a unified digital platform. This approach fosters agility, scalability, and data-driven decision-making, giving insurers the tools to adapt and thrive in an increasingly dynamic market.

Empowering Customers with a Competitive Edge
"Our mission has always been to empower insurers to unlock their full potential through technology," said Andy Yeoman, CEO of Concirrus. "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."

A New Standard for the Market
Concirrus' latest advancements position it as the go-to partner for insurers looking to thrive in an increasingly fast-paced and competitive market. Through its unparalleled technology and blind demos - processing submissions live in real time without prior review - Concirrus demonstrates a steadfast commitment to precision, reliability, and customer success.

About Concirrus
https://concirrus.ai

Concirrus transforms underwriting in specialty and commercial insurance with AI-driven solutions that convert hours-long processes into decisions made in seconds. Founded in 2012, the company supports sectors including aviation, transportation, marine, surety, construction, political violence, and war. Trusted by leading insurers, Concirrus' advanced analytics streamline operations, enhance risk assessment, and empower smarter, faster decision-making in an ever-evolving industry.

For further information, please contact [email protected]

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SOURCE Concirrus