Insurtech firm Concirrus has introduced a new platform for an IoT powered insurance market. The company said the platform was designed to help insurers accelerate their transition to new digital operating models, create new products and drive cost savings.
Concirrus says the offering will help businesses digitise knowledge using a wide range of IoT datasets and build AI models to analyse risk and derive predictions across lines of business. Users will also be able to optimise critical processes using a unique set of API-driven microservices that can be embedded into customer workflows.
“We are headed to a future where all risk will be assessed algorithmically and traded digitally,” said Concirrus CEO Andrew Yeoman.
“Many insurers have the ambition to deliver innovative products to their customers, improve loss ratios, reduce operating expenses but are held back by legacy platforms and technology. Concirrus has built the next generation decision platform to help insurers capture the value of data available from the IoT.”
With its new technology offering, the insurtech aims to help businesses to digitise and enrich their knowledge using a wide range of IoT data sets. It plans to build artificial intelligence models to analyse risk and derive powerful predictions across lines of business.
As part of Concirrus’ expansion strategy, the company has also recently opened a new US office to help it further build relationships with key customers in the North American market.