Insurtech firm Concirrus has introduced a new platform for an Internet of Things (IoT) powered insurance market.
The platform is designed to help insurers accelerate their transition to new digital operating models, create new products and drive cost savings.
Specifically, 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, the insurtech added.
“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 Internet of Things (IoT).
As part of its expansion strategy, Concirrus has recently opened a new US office to help further build relationships with key customers in the North American market.
Leading this expansion is recently-appointed Chief Commercial Officer Scott McConnell, who previously served as Financial Services and Insurance Growth Leader at NTT Data Services.
“I’m incredibly excited to be joining Concirrus,” McConnell. “The combination of the potential of this new solution Concirrus has to offer and the strength of its investors and leadership team presented an exciting opportunity for me and I’m looking forward to expanding our customer and partner relationships globally. Fundamentally, we want to enable insurance companies to take advantage of AI, machine learning and data analytics and deliver true competitive advantage.”