Concirrus, an AI insurtech company, has revolutionized specialty underwriting with its new innovative technology that improves quote-to-bind ratios by combining accuracy and near-instant quoting capabilities. This new technology represents a shift in how underwriters operate, enabling insurers to write more business efficiently. The platform boasts nearly 100% accuracy in submission ingestion, far exceeding the industry average of 60%. This efficiency boost gives Concirrus customers a competitive edge in the underwriting market.
Central to Concirrus’s approach is its unique submission ingestion engine, which utilizes AI and machine learning to extract, validate, and structure data accurately from complex submissions. This automated process eliminates manual processing and reduces operational costs for insurers. Vinod Singh, President at Concirrus, highlighted the system’s success in achieving near-perfect accuracy through a collaborative agent framework that resolves conflicts and reduces errors.
CEO Andy Yeoman emphasized Concirrus’s mission to empower insurers through technology, driving efficiency in underwriting with near-instant capabilities for submission ingestion and quoting. This innovation marks a fundamental shift in the insurance industry’s operations. Concirrus’s technology not only enhances speed and accuracy for insurers but also offers a significant competitive advantage in the evolving market.
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