Insurtech Concirrus has unveiled its next-generation platform to help commercial insurers capture the value of data available from the Internet of Things and transition to digital operating models. The London-based company has also opened a US office to build its presence in the North American market.

Andrew Yeoman, CEO of Concirrus, said: “We are headed to 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.”

Yeoman said Concirrus could help them overcome these issues and enhance their performance using insight generated from IoT data.

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