Market leading insurtech, Concirrus, announced it has completed the acquisition of Spark Insights, a leader in providing decision analytics to the insurance market. The acquisition brings together two companies with a shared vision of using AI, machine learning and data analytics for better risk selection, more efficient claims processes, and insurance product innovation.
“Spark Insights is a fantastic company with an amazing product and a very talented team,” says Andrew Yeoman, CEO of Concirrus. “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, a world-leading AI and insurtech expert with advanced degrees from MIT and Harvard, founded Spark Insights in 2018 out of a passion to deliver unparalleled predictive analytics to the insurance industry. By using innovative AI, machine learning and computer vision combined with satellite-based remote sensing and global earth observations, he believed that valuable insights could be unlocked. Ira will join the Concirrus Executive team as Chief Strategy Officer and will be based out of the Boston office.
“Today marks the beginning of an exciting new chapter for Spark Insights, one where we will be able to accelerate our mission, helping insurance organisations to better understand the power of data,” explains CEO and Founder, Ira Scharf. “There is fantastic synergy between our businesses both in terms of technology and the markets we serve. 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.”
“The availability of satellite data is geometrically multiplying and the quality of the digital images yields unprecedented precision. Separating out the signal from the noise, combining spatial data with other sources, and presenting the results back to an insurance professional in an effective manner is a wide-open opportunity. The combination of Concirrus and Spark Insights positions them to address this opportunity and deliver value to their customers,” says Mike Fitzgerald, Principal Insurance Analyst, CB Insights.
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