Market main insurtech, Concirrus, as we speak introduced it has accomplished the acquisition of Spark Insights, a pacesetter in offering resolution analytics to the insurance coverage market. The acquisition brings collectively two firms with a shared imaginative and prescient of utilizing AI, machine studying and information analytics for higher threat choice, extra environment friendly claims processes, and insurance coverage product innovation.
“Spark Insights (now Quest Property) is a unbelievable firm with an incredible product and a really proficient group,” says Andrew Yeoman, CEO of Concirrus. “The synergies with Spark Insights made this a compelling alternative – each events achieve product distribution capability and including property and disaster response is a pure extension to our present markets.”
Ira Scharf, a world-leading AI and insurtech skilled with superior levels from MIT and Harvard, based Spark Insights in 2018 out of a ardour to ship unparalleled predictive analytics to the insurance coverage business. Through the use of progressive AI, machine studying and pc imaginative and prescient mixed with satellite-based distant sensing and world earth observations, he believed that priceless insights may very well be unlocked. Ira will be a part of the Concirrus Govt group as Chief Technique Officer and might be primarily based out of the Boston workplace.
“As we speak marks the start of an thrilling new chapter for Spark Insights (Quest Property), one the place we will speed up our mission, serving to insurance coverage organisations to raised perceive the facility of information,” explains CEO and Founder, Ira Scharf. “There’s unbelievable synergy between our companies each when it comes to know-how and the markets we serve. We’re excited to embark on this journey with Concirrus to ship extra worth to clients with a broader and deeper resolution analytics platform that can undoubtedly rework organisations all over the world by placing information analytics on the centre of the digital revolution.”
“The supply of satellite tv for pc information is geometrically multiplying and the standard of the digital photos yields unprecedented precision. Separating out the sign from the noise, combining spatial information with different sources, and presenting the outcomes again to an insurance coverage skilled in an efficient method is a wide-open alternative. The mix of Concirrus and Spark Insights positions them to handle this chance and ship worth to their clients,” stated Mike Fitzgerald, Principal Insurance coverage Analyst, CB Insights.
Initially revealed on Concirrus’ web site.