Insurtech Concirrus, a data and analytics platform for commercial insurance, has launched Quest Aviation, a platform designed to enhance efficiency for underwriters in the general aviation insurance market while meeting increasing regulatory demands and complexity.
Quest, accesses and interprets wide-ranging datasets, combining them with historical claims information to reveal the behaviours that correlate to insurance claims.
The results enable insurers and brokers to more accurately quantify risk; reduce losses and boost profits. Quest also makes new, powerful and differentiated product propositions a reality.
Concirrus states that up to 40% of an aviation underwriter’s time involves non-value-adding tasks, such as manual data entry and paperwork.
The new platform aims to eliminate these tasks, enabling underwriters to engage in strategic analysis and proactive risk management.
Quest Aviation reduces submission time from hours to minutes, allowing underwriters to concentrate on risk assessment and portfolio optimization.
We recognise the critical importance of efficiency in underwriting and aviation is no exception. Quest Aviation is a game-changer, enabling aviation underwriters to achieve unprecedented levels of efficiency and effectiveness and we’ve seen the product have an immediate impact with customers
Andy Yeoman, CEO at Concirrus
“When combined with our wider roadmap, which includes pricing, compliance, aggregation and portfolio capabilities, we believe that our one-stop-shop solution becomes a compelling offering for the market.”
The platform automates manual risk entry, uses advanced data analytics and AI for improved accuracy and risk assessment, and automatically files attachments to generate comprehensive risk records.
Through our analytics work with leading London and Global insurers, we have proven that behavioural data is a better indicator of risk than traditional demographics.
Andy Yeoman, CEO at Concirrus
“With every customer, we’ve delivered insights and new rating factors that simply did not exist before allowing increased profits, the ability to write more business with or without claims history, and reduced administration costs”, Andy Yeoman says.
By using real-time data from various sources, Quest Aviation helps aviation underwriters make informed decisions, identify emerging risks, and proactively mitigate potential losses.
This technology has already significantly improved efficiency and accuracy, enhancing client service and maintaining a competitive edge.
Concirrus is a Insurtech company specializing in leveraging advanced data analytics and artificial intelligence to transform the insurance industry.
Founded in 2012 and headquartered in London, Concirrus aims to enhance decision-making processes, improve efficiency, and provide innovative solutions for various sectors within the insurance market.
Recently launched for the general aviation insurance market, Quest Aviation aims to increase underwriter efficiency by automating manual tasks, utilizing AI for better risk assessment, and integrating real-time data to inform decision-making and proactive risk management.
by Peter Sonner
