Leading insurtech, Concirrus has introduced its next generation platform for the IoT-powered insurance market. This new modular technology offering, which harnesses Concirrus’ years of investment and experience of working within the insurance market, will allow insurers to accelerate their transition to new digital operating models, create new products and drive cost savings irrespective of business line.

Andrew Yeoman, CEO of Concirrus, comments: “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).

“Recent successes have allowed us to continue accelerating our AI capabilities and address a rapidly growing international customer base. With our new technology offering, we can help businesses:

• digitise and enrich their knowledge using a wide range of IoT datasets.

• build AI models to analyse risk and derive powerful predictions across lines of business.

• optimise critical processes from risk to capital and from underwriting through claims using a unique set of API-driven microservices that can be embedded into customer workflows.

The new offering is unlocking new opportunities for Concirrus across the globe. As part of its expansion strategy, the company has recently opened a new U.S. 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. Previously Financial Services and Insurance Growth Leader at NTT Data Services, Scott has many years of experience leading multi-national teams and helping insurance companies transform their operations.

Commenting on his new role, Scott says: “I’m incredibly excited to be joining Concirrus. 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.”