Concirrus snaps up AI insurtech to lead expansion into US

London-based insurtech  Concirrus has acquired Spark Insights, a provider of AI-based decision analytics solutions to the insurance industry, to expand into the US market and extend its reach into property and catastrophe response.

The acquisition brings together two companies with a shared vision of using artificial intelligence, machine learning and data analytics for better risk selection, more efficient claims processes, and insurance product innovation.

Spark was founded in 2018 by AI and insurtech specialist Ira Scharf, who will join Concirrus' executive team as chief strategy officer and will be based out of the Boston office.

Spark uses AI, machine learning and computer vision combined with satellite-based remote sensing and global earth observations to provide valuable insights to the sector.

“Spark Insights is a fantastic company with an amazing product and a very talented team,” said Andrew Yeoman (pictured), chief executive officer 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 added: “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.”

According to Mike Fitzgerald, principal insurance analyst at CB Insights: “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.”

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