For the first time in their history, insurers have access to more information than they are capable of processing or using. Some of it is being generated in real time by sensors and devices from the physical world. Some of it exists in silos within vast enterprise IT systems. Some of it may be unstructured and inaccessible. Much of it is going to waste.
Our products utilise this data, analysing it for new insight around risk and transforming this insight into intelligent, automated decision-making. We call this Active Risk Management and it allows insurers to reduce their losses and increase profits.
A big data environment that allows insurers to work with our data science team, combining datasets and analysing them for insight in completely new ways. These insights can then be used in a variety of ways, from updating and expanding pricing models, to entering new lines of business and formulating the boundaries of connected policies.
Our secure AI web application that automates decision making around risk. Quest allows insurers to access live information and actively manage their risk in real time. Automated alerts can be set for a range of criteria; from exposure levels in specific locations across the globe, to the boundaries of a new policy.
The Concirrus platform brings data from multiple IoT sources together in a secure cloud environment. From smart phones and wearables to connected cars and traffic data, our platform negates the need for insurers to establish relationships with every hardware manufacturer and data source available.
Concirrus work closely with insurers to help them utilise data sources in a way that benefits their organisation. Automated rules are set through which the data is interpreted, translating unstructured, raw information into human events. “A car is cornering at 50mph”. “A ship has just moved into a danger zone”. Machine learning allows insurance contracts to become live, tracking assets and risk in real-time.
With machine learning translating the raw data into human events, cause and effect can be measured with greater accuracy. New behaviour patterns and sources of risk can be uncovered, allowing insurers to select customer portfolios that match their appetite and develop new business opportunities.
Our platform seamlessly integrates existing enterprise IT systems, leveraging historical data and automating the interpretation of complex information. This augmented intelligence leaves insurance personnel free to devise new policies and products, targeting the specific needs of their customers.