Concirrus, an AI insurtech company, has surpassed industry standard in submission ingestion, combined with instant rating and quoting capabilities, with its new innovative technology that aims to transform specialty underwriting.
The new technology improves quote-to-bind ratios by combining unparalleled accuracy with near-instant quoting capabilities, Concirrus explained.
This represents a fundamental shift in how underwriters operate, empowering insurers to write more business with greater efficiency.
A key differentiator is the platform’s remarkable accuracy in submission ingestion. While the current industry average for out-of-the-box accuracy hovers around 60%, Concirrus has achieved nearly 100% accuracy.
This efficiency boost gives Concirrus customers the “speed to quote” advantage they need to win in today’s competitive underwriting market, the firm noted.
Concirrus’s innovative approach centres on its unique submission ingestion engine. This engine uses advanced AI and machine learning to ensure highly accurate data capture from the start.
It efficiently extracts, validates, and structures data, even from complex submissions, eliminating manual processing and lowering operational costs for insurers.
Vinod Singh, President at Concirrus, said: “We’ve achieved nearly 100% accuracy with our proprietary agentic framework. This system uses collaborative agents to process data, challenge findings, and iteratively refine results. By resolving conflicts, it significantly reduces errors and achieves a consistent 95-98% accuracy.”
Andy Yeoman, CEO of Concirrus, commented: “Our mission has always been to empower insurers to unlock their full potential through technology. By delivering near-instant capabilities for submission ingestion and quoting, we are driving unparalleled efficiency in underwriting. This isn’t just innovation; it’s a fundamental shift in how the insurance industry operates.”
