AI insurtech Concirrus has announced its new submissions offering that provides a seamless end to end solution for customers at a competitive price.
The new offering ensures customer privacy and has been described as the market’s first solution that can increase productivity by 400%.
Using AI tools such as ChatGPT can come with inherent risks that must be carefully managed to harness their true benefits, Vinod Singh, Chief Technology Officer of Concirrus, said.
He continues: “Articles continue to emerge highlighting concerns about data leakage and privacy issues with ChatGPT itself explicitly warning users about the risks of providing confidential data.
“This is why our solution is far superior to what’s available on the market today as we have developed a privacy layer that enables us to leverage the capabilities of Large Language Models such as Google Bard or ChatGPT from Open AI.
“This allows us to seamlessly convert submission emails and attachments into structured data that is then ingested by our data analytics platform, Quest. All the while ensuring the security of sensitive data and preventing any data leaks.”
Concirrus’ submissions solution also goes beyond basic data extraction capabilities. Andrew Yeoman, Co-Founder and CEO of Concirrus, comments: “The sheer volume of email submissions insurers receive each year is staggering, with only a fraction of them receiving attention and a minuscule percentage resulting in quotes.
“This leaves underwriters with limited capacity to assess risks effectively. While automation solutions have emerged, they require extensive training and labelling efforts, diminishing their benefits for insurers.”
By streamlining the process through automation and addressing privacy issues, Concirrus has developed a simple workflow that integrates with a customer’s pricing engine, enabling faster decision-making, and empowering underwriters to focus on writing the submissions that matter most.
“We’re entering a period where point solutions that require the customer to knit different systems together are becoming a complex and challenging technology burden. We’re offering a solution to the insurance market that allows data from all parts of the organisation to come together into one dynamic data analytics environment,” Yeoman concludes.