London, UK (May 22, 2019) – Concirrus, a leading InsurTech, has announced that it has entered into a strategic agreement with Willis Re, the reinsurance division of Willis Towers Watson, a leading global advisory, broking and solutions company. The companies have partnered to utilise the vast data available from the Internet of Things and transform Specialty re-insurance products.
Concirrus CEO Andrew Yeoman comments: “It’s difficult to overstate the gravitas that Willis Re has in the market. We’re excited to start working alongside the team to apply behavioural analytics to the specialty reinsurance markets.”
Willis Re will also join Concirrus’ Power20, a community of like-minded visionaries who are committed to working in collaboration to achieve long term success. Andrew continues: “This is all about ensuring that the building blocks are in place to help the market return to profitability and we’re looking forward to supporting our clients through this transformation journey.”
Printhan Sothinathan, Chief of Strategy at Willis Re Specialty comments: “The evolution of the insurance space embracing the digital era has now reached the shores of specialty business lines. Our strategy is to lead this new digital era with like-minded (re)insurance partners. Together, we will develop methods and products that will reward early adopters by delivering positive client results.”
Graeme Moore, CEO of Willis Re Specialty says: “In the past few years we have seen the commoditisation of pricing and products. Our customers now need reinsurance products that reflect and react to the changing landscape of risk. Combining our analytics expertise and considerable distribution with Concirrus’ enterprise capabilities will shift the operating model for the specialty market.”
Concirrus is the creator of Quest, an insurance software platform developed with, used and trusted by insureds, insurers, reinsurers and brokers around the world. Quest allows existing and new data to be ingested, understood and presented in a way that provides valuable insights to help improve loss ratios.
Quest analyses billions of historical and real-time data sets to derive new behavioral factors that can be used to look at risk in a more targeted, intelligent way. A cloud-based, scalable enterprise grade solution, the Quest platform is used and trusted throughout the (re)insurance market value chain enabling optimization of risk management portfolios.
For more information, visit www.concirrus.com.
About Willis Re
One of the world’s leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world’s top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker’s global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit willisre.com.
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.
Willis Towers Watson’s Insurance Consulting and Technology business is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
Learn more at willistowerswatson.com.
SOURCE: Willis Towers WatsonTags: Concirrus, InsurTech, Internet of Things (IoT), reinsurance, specialty lines, Willis Re