Concirrus releases new commercial insurance market platform

UK-based insurtech Concirrus has released a “next-generation” platform which it said would pave the way for expansion into North American market.

The company said that the new modular technology offering would enable insurers “to accelerate their transition to new digital operating models, create new products and drive cost savings irrespective of business line”. 

Concirrus CEO Andrew Yeoman said that “we are headed to a future where all risk will be assessed algorithmically and traded digitally. 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 Internet of Things (IoT)”.

Concirrus recently opened a new US office to help further build relationships with key customers in the North American market. Leading the go-to-market charge will be Scott McConnell, who has been appointed as Chief Commercial Officer. He was previously Financial Services and Insurance Growth Leader at NTT Data Services.