Concirrus Partners with Insurity to Develop and Deliver Predictive Data Models for Enhanced Cargo Risk Management and Pricing Insights
As a welcome relief to global economic pressures, this partnership enables insurers to leverage data to streamline operations, reduce losses, and maximize profits.
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced a new partnership with Concirrus, the leading AI insurtech helping commercial insurers to accelerate digital strategies for marine insurers. Concirrus' big data and machine learning capabilities, integrated with Insurity's global marine cargo platform, enables marine insurers to differentiate themselves through more competitive pricing while optimizing the balance between profitability and customer satisfaction.
Based in London, Concirrus is the market leader in helping commercial insurers accelerate digital strategies using AI. Its global base of customers includes underwriters, P&I clubs, and brokers, who use its solutions to improve pricing decisions and automate underwriting operations. Across customer deployments, Concirrus has seen an average improvement of 7% on combined ratios derived from intelligent risk pricing and selection, combined with enhancements afforded by a more efficient and data-driven underwriting process.
Through this partnership, Insurity's Marine Suite solution will integrate with Concirrus' advanced analytics tools, enabling insurers to unlock the knowledge in the Insurity solution and create innovative pricing models. By leveraging Insurity's customer claim and shipment data, Concirrus will develop predictive models that adapt to the world's supply chain dynamics. Insurity will provide an out-of-the-box connection to Concirrus applications, ensuring insurers can access and utilize these data-driven insights for informed decision-making.
"We are thrilled to be partnering with Insurity to deliver advanced analytics and a contemporary operating platform," said Andrew Yeoman, Chief Executive Officer at Concirrus. "We operate in an environment where customers value integrated solutions that genuinely bring the best of all worlds. Insurity has the market-leading platform for declaration management and certificate issuance, and by bringing our capabilities together, Insurity customers benefit from a compelling analytics solution that 'unlocks' insights to drive efficiencies, reduce losses, and boost profits."
"The logistics industry generates massive volumes of data related to global shipments, creating an urgent need to revolutionize pricing strategies and cargo risk management," said Sylvester Mathis, Chief Insurance Officer at Insurity. "Harnessing the power of this data and extracting valuable insights has become pivotal for our marine cargo customers. This partnership enables Insurity to provide modern, predictive analytics to our customer base without the expense of building and maintaining the models themselves."
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform, unrivaled industry experience, and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
Concirrus was founded on a passion to harness data and technology to drive improvements in loss ratios and increase operating efficiency for specialty and commercial insurance. Specifically built for insurance by leading insurance practitioners and technologists, our suite of 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. For more information, visit www.concirrus.ai