London-based technology firm Concirrus and Nebraska-headquartered global risk services business Applied Underwriters have sealed what was described as a long-term strategic alliance.
“This partnership will significantly bolster our business and provide an underlying strength and stability to our customers,” said Concirrus chief executive Andrew Yeoman in a release. “We have stabilised our operating platform, and our growth plans will proceed in the expansion of our digital solutions for specialty insurance, in insurance data analysis, advanced modelling, and the application of new technologies.
“Packaged, off-the-shelf solutions continue to fall short of the needs of insurers and reinsurers, and building scalable models and proprietary systems architecture is cost-prohibitive. This partnership will see Concirrus offering extraordinary bespoke solutions on a common platform that will optimise technology investment value and returns.”
It was announced that the partnership will focus on the development and provision of multiple product lines of “extraordinary technology-driven solutions” to insurers, reinsurers, and other risk-based entities worldwide, with Concirrus and Applied leveraging their respective tech innovations.
“Over the long term each of our companies will profit through enhanced research and development including Applied’s highly accomplished statisticians, mathematicians, data scientists, and actuaries,” said Applied senior vice president, chief underwriting officer, and research & development head Dr Justin Smith. “Concirrus’ team is focussed in the UK and India, forming a natural complement to Applied’s teams in the US and Philippines.
“Applied has built its own systems for insurance and for its many other operations, devoting significant resources to R&D. The result has been a clear competitive advantage of our underwriting and claims processes. We look forward to this collaboration of technological powers and capacities to be put to work internationally for the clients of both organisations.”
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