Jul 14, 2020

Concirrus receives $6mn for AI-based insurance platform

Concirrus
Insurtech
AI
CommerzVentures
William Girling
2 min
Insurtech
In a recent press release, software company Concirrus released details of a USD$6mn investment from CommerzVentures...

In a recent press release, software company Concirrus released details of a USD$6mn investment from CommerzVentures.

The latter company, which favours funding early growth stage enterprises in the finance and insurance sectors, has decided to help Concirrus develop its AI and machine learning (ML) based platform, which has particular relevance to the marine and automotive insurance space.

“Our passion lies in helping fintech and insurtech companies to succeed. We believe Concirrus has the best solution to manage risk in the marine insurance industry,” said Heiko Schwender, Partner. 

“Ultimately, it will serve insurance carriers in a variety of supply chain industries. The team combines deep industry experience and technology expertise. We believe that Concirrus is on a very exciting growth journey and we’re very much looking forward to being part of it.”

On a Quest

Based on deep-learning software combined with big data, Concirrus’ Quest platform allows insurers to access a variety of datasets and then correlate them with historical claims information.

Using this method, insurance companies will be able to quantify risk with greater accuracy, gain a more accurate picture of policyholders, reduce losses and increase profits. 

Concirrus’ two products - Quest Marine and Quest Automotive - offer a suite of tools and digital techniques for brokers to gain a holistic vantage point, including behavioural insights, real-time asset management, predictive modelling, connected policies and more.

Excited that its technology was gaining recognition in the industry as best-in-class software, Andrew Yeoman, CEO of Concirrus, thanked CommerzVentures for recognising the value of its solutions:

“The last few months have been really busy for Concirrus as we’ve continued to sign new customers during what are clearly unprecedented times. This investment is a clear vote of confidence in our vision and the value that we’re bringing to the insurance market.” 

A new era for insurtech

This latest development for the company comes relatively soon after the $20mn Concirrus raised in a Series B funding round earlier in the year.

The round, led by AlbionVC and joined by new entities such as IQ Capital and EOS Venture Partners, as well as others, who all recognised that Concirrus was emblematic of the new, technologically sophisticated insurtechs now taking precedence in the industry.

Yeoman stated, “According to Willis Towers Watson, insurtech investment reached an all-time high in 2019 and this year will be very much characterised by companies that are able to break through. 

“This investment injection provides us with the financial footing to become the class leader. It also takes us on to the next stage of growth enabling us to internationalise, broaden the strength of our product offering and diversify across multiple business lines.”

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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