Insurtech Concirrus has acquired analytics specialist Spark Insights to enable it to develop its artificial intelligence, machine learning and data analytics capabilities and help insurers to make better risk selections, develop more efficient claims processes and boost product innovation.
Andrew Yeoman, CEO of Concirrus, said: “The synergies with Spark Insights made this a compelling opportunity – both parties gain product distribution capacity and adding property and catastrophe response is a natural extension to our current markets.”
Ira Scharf founded Spark Insights in 2018 and will join the Concirrus Executive team as chief strategy officer. To generate its market intelligence, the firm uses AI, ML and computer vision combined with satellite-based remote sensing and global earth observations.
Scharf added: “We are excited to embark on this journey with Concirrus to deliver more value to customers with a broader and deeper decision analytics platform that will undoubtedly transform organisations around the world by putting data analytics at the centre of the digital revolution.”
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