Insurtech Concirrus launches new digital insurance submissions module

London-based insurtech Concirrus has launched a new submissions module designed to help marine underwriters accelerate the digital assessment of new business.

Concirrus noted that COVID-19 has increased the use of electronic submissions methods such as email, and with a hardening market, brokers are adding more underwriters as recipients of each submission. This has led to an overwhelming number of submissions to assess per underwriter. Concirrus’ submissions module seeks to address this challenge.

Leveraging artificial intelligence (AI), email submissions are automatically ingested into Concirrus' Quest Marine platform, augmented with risk profile data and priced, enabling underwriters to determine how new business fits risk appetite. The integration with Quest Marine makes the transition from receipt of email submissions to written policies seamless.

Will Panchaud, product director at Concirrus, explained: “We’re heading into an age of automation and AI as the insurance market becomes increasingly digital. It has never been more important to make the underwriting process as efficient as possible. Our new submissions module helps underwriters spend more time on portfolio management, complex risks, and negotiation, whilst technology automates the rest. With data-led decisions becoming the norm, the speed and accuracy of triaging submissions will be a key consideration of the insurers of tomorrow.”

Panchaud added: “By drawing on the capabilities of Quest Marine, Concirrus’ submissions module provides a comprehensive solution for today’s market needs.”