At InsTech London’s 30th April event which focused on Marketing Innovation, Matthew Grant talked to Andy Yeoman, CEO and Founder of marine analytics platform Concirrus – an InsTech London corporate member since July 2018 – about market engagement. Founded in 2012, Concirrus use behavioural-based underwriting to help marine insurers improve their loss ratios.
A notoriously difficult market segment to break into, Andy Yeoman says, “When we saw the marine market, we saw a market that was primarily based in London. It was awash with data, they were technology laggards, and there was no other company in that market serving the need that we saw. A key way we broke in was to treat Marine less like an industry, and more as a community.”
Concirrus’ platform, Quest, accesses and interprets wide-ranging datasets, combining them with historical claims information to reveal the behaviours that correlate to claims. The results, say Concirrus, enable insurers and brokers to more accurately quantify risk; reduce losses and boost profits. Current customers include Willis Re, the reinsurance division of Willis Towers Watson, and speciality international reinsurance group Chaucer.
The full conversation with Concirrus is available here, or in the iTunes store.