Concirrus, an AI InsurTech, has contributed to Concept Special Risks, a managing general agent in the yacht insurance business, in efficiently reducing application processing time by as much as 50%. This move has enabled the agency’s underwriters to focus on their core duty of risk assessment. Concirrus has transformed Concept Special Risks process by interpreting hand-written data and translating it heuristically. In case of Concept Special Risks, the platform helped to automate the administrative process that was time-consuming, this has been resolved by a simple workflow that seamlessly integrates with the agency’s platform. This has enabled decision-making and relieved underwriters from burdensome administration. The platform does not intend to replace human underwriters but rather aims to simplify data interpretation and analytics-based underwriting.
