InsurTech 50 star Concirrus has helped Concept Special Risks, a full service managing general agent in the yacht insurance business, reduce its application processing time by 50%.
Concirrus, ninth on our innovation ranking late last year, is a leading AI InsurTech helping commercial insurance clients accelerate their digital strategies.
“Our business tends to receive a lot of hand-written applications in various formats and of varied quality – we’re talking about 100-150 applications per day,” said Liam Gilhooly, underwriting director, Concept Special Risks.
“The Concirrus platform has helped us transform this process by ingesting data into our system, interpreting hand-written data with an appropriate level of accuracy, and translating it into useful information.”
This automation of the administrative process has freed up Concept Special Risks underwriters’ time and enabled them to focus on what they do best.
“Our core value proposition is providing a good service with an efficient turnaround time. The Concirrus solution has helped us to automate what was a time-consuming manual task, allowing our underwriters to be more efficient and to spend more time on risk assessment rather than admin,” said Gilhooly.
By significantly reducing the admin burden through automation, Concirrus has developed a simple workflow that integrates with Concept Special Risks’ platform, enabling faster decision-making and empowering underwriters to focus on writing the submissions that matter most.
Martin Lukey, product manager at Concirrus, added: “Concept Special Risks was looking to automate the application process that was taking up too much of the underwriters’ time.
“Our platform aims to quickly organise and structure their necessary data into a dynamic data analytics environment, paving the way towards progressive, analytics-based underwriting.”
InsurTech 50 – UK’s most innovative insurance tech creators for 2023