Applied Underwriters, Concirrus enter long-term strategic alliance

Applied Underwriters, a global risk services firm operating throughout the US, UK, EU and Middle East, has entered into a long-term strategic alliance with London-based insurtech Concirrus.

The partnership related to the development and provision of multiple product lines of technology driven solutions to insurers, reinsurers and other risk-based entities across the globe. It aims to deliver a market advantage to Applied Underwriters and allow Concirrus to expand its solutions to a wider range of clients and product lines.

Justin Smith, SVP, CUO and longtime head of R&D at Applied, said: “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. Concirrus’ team is focused in the UK and India, forming a natural complement to Applied’s teams in the US and Philippines.”

Smith noted that the transaction will be critical as other acquisitions are realised, requiring technological expertise.

He added: “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 organizations.”

Andrew Yeoman, CEO of Concirrus, said: “This partnership will significantly bolster our business and provide an underlying strength and stability to our customers. 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 modeling and the application of new technologies.”

He continued: “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 optimize technology investment value and returns.”

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