A long-term accord has been signed by Applied Underwriters and Concirrus, the London based technology firm, for the development and provision of multiple product lines of extraordinary technology driven solutions to insurers, reinsurers and other risk-based entities across the globe. The companies will leverage their respective technology innovations including Applied Underwriters’ trove of patents and data processing advances and Concirrus’ market leading analytics platform. The combination will deliver a market advantage to Applied Underwriters and also allow Concirrus to expand its solutions to a wider range of clients and product lines.
According to Dr. Justin Smith, SVP, CUO and longtime head of R&D at Applied, the collaboration of talent on each side will result in benefits to both from the outset in addition to the expansion of the intellectual and uniquely developed technological faculties of each: “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.” Dr. Smith further noted, “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.”
Mr. Andrew Yeoman, CEO, Concirrus, expressed similar optimism for the accord: “This partnership will significantly bolster our business and provide an underlying strength and stability to our customers. We have stabilized 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.”
Dr. Smith noted that the transaction, while far from the largest undertaken by Applied, will be one of the more important and critical as other acquisitions are realized, requiring technological expertise.
The parties expressed their thanks to Torch Partners, advisers to Software and Technology sectors, for its role in advising the strategic partnership.
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