Acquisition supercharges expansion efforts into the U.S. and extends company reach into catastrophe response
Market leading insurtech, Concirrus, today announced it has completed the acquisition of Spark Insights, a leader in providing decision analytics to the insurance market. The acquisition brings together two companies with a shared vision of using AI, machine learning and data analytics for better risk selection, more efficient claims processes, and insurance product innovation.
“Spark Insights (now Quest Property) is a fantastic company with an amazing product and a very talented team,” says Andrew Yeoman, CEO of Concirrus. “The synergies with Spark Insights made this a compelling opportunity – both parties gain product distribution capacity and adding property and catastrophe response is a natural extension to our current markets.”
Ira Scharf, a world-leading AI and insurtech expert with advanced degrees from MIT and Harvard, founded Spark Insights in 2018 out of a passion to deliver unparalleled predictive analytics to the insurance industry. By using innovative AI, machine learning and computer vision combined with satellite-based remote sensing and global earth observations, he believed that valuable insights could be unlocked. Ira will join the Concirrus Executive team as Chief Strategy Officer and will be based out of the Boston office.
“Today marks the beginning of an exciting new chapter for Spark Insights (Quest Property), one where we will be able to accelerate our mission, helping insurance organisations to better understand the power of data,” explains CEO and Founder, Ira Scharf. “There is fantastic synergy between our businesses both in terms of technology and the markets we serve. We are excited to embark on this journey with Concirrus to deliver more value to customers with a broader and deeper decision analytics platform that will undoubtedly transform organisations around the world by putting data analytics at the centre of the digital revolution.”
“The availability of satellite data is geometrically multiplying and the quality of the digital images yields unprecedented precision. Separating out the signal from the noise, combining spatial data with other sources, and presenting the results back to an insurance professional in an effective manner is a wide-open opportunity. The combination of Concirrus and Spark Insights positions them to address this opportunity and deliver value to their customers," said Mike Fitzgerald, Principal Insurance Analyst, CB Insights.
Concirrus was founded on a passion to harness the IoT and vast datasets to uncover insights that could create a more sustainable future for commercial insurance. Specifically built for commercial insurance by leading insurance practitioners and technologists, our suite of AI analytics and digital capabilities are empowering the market.
Today, Concirrus is helping commercial insurance clients to accelerate their digital strategies. Our highly configurable datasets, AI analytics, cutting-edge risk modelling and cloud-based architectural solutions, allow clients to build enterprise-grade solutions that deliver ongoing value. Our goal is to enable you to unlock the value of your legacy systems, ensure your organisation gets the most out of your data and to connect you with other players in the insurance vale chain for optimal efficiency.
About Spark Insights
Headquartered in Boston, Massachusetts, Spark Insights is passionate about providing insurers, reinsurers and brokers with quick access to highly relevant decision analytics when they need it. To do this, it leverages advanced artificial intelligence for better risk selection, more efficient claims management and improved policyholder experience.
For more information, please contact:
Emmett & Churchman Ltd
Tel: 07966 820320