Concirrus, a provider of AI tools to power specialty marine insurance, has launched an aviation solution.
The London firm, ninth on our InsurTech 50 ranking late last year, has secured Applied Aviation as its first customer in the sector.
It says its capabilities address a pressing need to facilitate greater efficiency when writing risks in the face of increasing regulatory and process complexity faced by aviation underwriters.
The Concirrus platform claims to reduce time spent on the submission phase from hours to just a few minutes, allowing underwriters to redirect their efforts towards value-adding activities such as risk assessment and portfolio optimisation.
By automating manual risk entry and leveraging advanced data analytics and AI to enhance accuracy and risk assessment – harnessing real-time data from diverse sources – the platform empowers aviation underwriters to make informed decisions, identify emerging risks and proactively mitigate losses.
“At Concirrus, we recognise the critical importance of efficiency in aviation underwriting,” said Andy Yeoman, CEO at Concirrus.
“This technology is a game-changer, enabling aviation underwriters to achieve unprecedented levels of efficiency and effectiveness.
“Additionally, when combined with our wider roadmap which adds pricing, compliance, and portfolio capabilities we believe that these one-stop-shop solutions move from interesting to compelling.”
Applied Aviation president Steven D. Allen added: “We are thrilled to be using Concirrus’ innovative platform to streamline our underwriting processes.
“This technology has already proven to be invaluable in enhancing our efficiency and accuracy, allowing us to better serve our clients and stay ahead of the competition.”