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Instanda and Concirrus Partnership Delivers One-Stop-Shop for Internet of Things
A new collaboration between Instanda and Concirrus is enabling insurers and managing general agents (MGAs) to easily create, configure and deploy IoT enabled products.
It is estimated that by 2022, digitally-enabled insurance policies could potentially be valued at $42 billion*. Therefore, a key priority for the insurance industry is how to develop and deploy these propositions quickly.
According to Instanda chief executive officer Tim Hardcastle, this partnership creates a one-stop-shop to do just that. As established technology pioneers in the insurance sector, Instanda and Concirrus have run a pilot study proving that the benefits for customers and insurers are enormous. They are now looking to work with companies that see the gains in entering the connected market.
Hardcastle said: “Insurers cannot afford to miss out on the connected policy market, but this creates real challenges if they try to use their legacy systems. The time taken to do so would be prohibitive, let alone the cost, which could be significant.
“We can enable insurers and MGAs to replace a currently complex and lengthy process with a fast and easy solution to take advantage of the opportunities afforded by the connected policy market.”
Andy Yeoman, CEO of Concirrus added: “Connected policies are the future and the data they provide unlocks huge opportunities to re-think products and make great improvements in loss ratios.”
“The barrier to insurers entering this market is their need to develop a whole raft of new technologies and disciplines. This partnership combines Instanda’s proven technology with our market leading IoT platform, specifically designed for insurance, covering vehicles, homes, and commercial products and lines of business.”
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