AI Issue 11 2017

32 Acquisition International - November 2017 Concirrus is a Marine Analytics Solutions Provider based in London. CEO and Co-founder Andy Yeoman talks us through the success of the company, as well as discussing the inner workings of the business, and being named in 2017 Global Excellence Awards and Most Outstanding Intelligent Insurance Solutions – 2017. stablished in 2012 and based in London, Concirrus believes that they can change the whole insurance industry because of one small thing – behaviour is a better indicator of risk than demographics. Until now however it’s not been possible to see the behaviour of the assets we insure, until the Internet of Things started generating data that made this a reality. Today, using Concirrus’ software, marine insurers can actively manage their risk using live data from connected assets, discover previously unseen ‘pools’ of risk and rate/price those risks more intelligently. Currently, Concirrus has a team of 33 across London and Delhi and were founded in 2012. In 2017, the firm launched Quest, its new AI marine insurance platform. The team are currently working with several large global marine insurers, as well as marine industry and systems integration players. Amongst other roles, the team comprises of data scientists, software developers, insurance experts, designers and business strategists. Andy outlines the overall mission of Concirrus, looking to be a revolutionary company and transform the way the marine industry works. “Innovation and creativity are key aspects of the success of the company. By providing access to new industry datasets, and by combining these datasets with our customers’ proprietary data, we make it possible for our customers to discover new behavioural insights. This behaviour is crucial as it allows insurers to understand what constitutes risk (and therefore losses). By understanding the behaviour of their assets (e.g. vessels) more fully, clients can begin to see which specific behaviours typically result in expensive claims Company: Concirrus Contact: Martin Smith Contact Email: [email protected] Address: The Leathermarket, 17 Leathermarket Street, London, UK, SE1 3HN, Phone: +44 (0) 2037500851 Website: www.concirrus.com Connecting theWorld with Intelligent Insurance Solutions E 1711AI63 being made. Important data may include movement data, weather patterns, maintenance or engine diagnostics, crew behaviour, port inspection records or other sources available. By bringing these data sources into one place, Quest, and by developing proprietary machine learning algorithms, we can start to help insurers make more intelligent, efficient decisions about their insured portfolio.” Discussing some current projects in relation the firm’s mission, Andy alludes to how working collaboratively with clients and customers means that the team can understand their business requirements and demands far more easily. He refers to the fact that the company is a small business and can therefore bring a unique and tailored approach to fit the market’s needs. “At present, we are working with our customers to develop connected policies which will integrate with their internal systems to achieve new business models. Quest is an autonomous platform that allows marine insurers to measure, monitor and anticipate risk in real time. It provides end to end management of policies between insured and insurer in a way that has not been seen before within the marine industry. “Additionally, at the heart of our business model is a desire to deliver core benefits to our customer organisations. This means that we are always seeking to build technologies that answer our customers’ business needs. As a small business, we are able to be dynamic in the way that we work with customers, quickly developing new functionalities and offering these into the market. A cross-section of different in-house specialisms “...we are working with our customers to develop connected policies which will integrate with their internal systems to achieve new business models.”