Insurtech firm Concirrus has completed its acquisition of Spark Insights, a provider of decision analytics to the insurance market.
Spark Insights was founded in 2018 by A insurtech expert Ira Scharf with the aim of using AI, machine learning and computer vision combined with satellite-based remote sensing and global earth observations to provide insurance insights.
Following the acquisition, Scharf will join the Concirrus Executive team as Chief Strategy Officer and will be based out of the Boston office.
“Spark Insights is a fantastic company with an amazing product and a very talented team,” says Andrew Yeoman, CEO of Concirrus. “The synergies with Spark Insights made this a compelling opportunity – both parties gain product distribution capacity and adding property and catastrophe response is a natural extension to our current markets.”
Scharf also commented: “Today marks the beginning of an exciting new chapter for Spark Insights, one where we will be able to accelerate our mission, helping insurance organisations to better understand the power of data.”
“There is fantastic synergy between our businesses both in terms of technology and the markets we serve. We are excited to embark on this journey with Concirrus to deliver more value to customers with a broader and deeper decision analytics platform that will undoubtedly transform organisations around the world by putting data analytics at the centre of the digital revolution.”
Mike Fitzgerald, Principal Insurance Analyst for CB Insights, added: “The availability of satellite data is geometrically multiplying and the quality of the digital images yields unprecedented precision.”
“Separating out the signal from the noise, combining spatial data with other sources, and presenting the results back to an insurance professional in an effective manner is a wide-open opportunity. The combination of Concirrus and Spark Insights positions them to address this opportunity and deliver value to their customers.”