The new technology offering will enable companies to build artificial intelligence models to analyse risk across lines of business.
The platform uses API-driven services that can be embedded into customer workflows to help improve the function of various services, from underwriting to claims.
The launch of the platform coincides with a planned expansion in the US market, where the business recently opened an office.
Concirrus’s service operates across marine, automotive and cargo products, and the company said its existing products had proved how internet of things technology could be used in other markets.
As part of the next phase of the company’s development, Scott McConnell has been named as chief commercial officer, joining from NTT Data.
CEO Andrew Yeoman said the insurance industry was moving towards “a future where all risk will be assessed algorithmically and traded digitally”.
“Many insurers have the ambition to deliver innovative products to their customers, improve loss ratios, reduce operating expenses but are held back by legacy platforms and technology,” he said.
“Concirrus has built the next-generation decision platform to help insurers capture the value of data available from the internet of things.”
