Risk services firm Applied Underwriters and Concirrus, an AI insurtech, have entered a long-term alliance to develop and provide multiple product lines of extraordinary technology driven solutions to re/insurers and other risk-based entities across the globe.
The companies have described this as an strategic alliance where they will leverage their respective technology innovations, these include Applied Underwriters’ trove of patents and data processing advances and Concirrus’ market leading analytics platform.
According to the announcement, the collaboration will deliver a market advantage to Applied Underwriters and also allow Concirrus to expand its solutions to a wider range of clients and product lines.
Dr. Justin Smith, SVP, CUO and longtime head of R&D at Applied, said: “Over the long term each of our companies will profit through enhanced research and development including Applied’s highly accomplished statisticians, mathematicians, data scientists and actuaries.
“Concirrus’ team is focused in the UK and India, forming a natural complement to Applied’s teams in the US and Philippines.”
Dr. Smith further noted: “Applied has built its own systems for insurance and for its many other operations, devoting significant resources to R&D.
“The result has been a clear competitive advantage of our underwriting and claims processes. We look forward to this collaboration of technological powers and capacities to be put to work internationally for the clients of both organisations.”
Andrew Yeoman, CEO, Concirrus, expressed similar optimism for the accord, as he believed that this partnership will significantly bolster their business and provide an underlying strength and stability to their customers.
“We have stabilised our operating platform and our growth plans will proceed in the expansion of our digital solutions for specialty insurance, in insurance data analysis, advanced modelling and the application of new technologies,” he commented.
“Packaged, off-the-shelf solutions continue to fall short of the needs of insurers and reinsurers, and building scalable models and proprietary systems architecture is cost prohibitive,” he added. “This partnership will see Concirrus offering extraordinary bespoke solutions on a common platform that will optimise technology investment value and returns.”
Additionally, Dr. Smith noted that while this transaction is far from the largest undertaken by Applied, it will be one of the more important and critical as other acquisitions are realised, requiring technological expertise.