FIVE MINUTES WITH ...
now living in an age that ’ s fundamentally different to the 300 years of insurance that came before us . The main difference between then and now being that , previously , we operated in an environment of data paucity . We simply didn ’ t know what was happening to the assets and risks that were being insured . A simple example is car insurance – we simply didn ’ t ( and couldn ’ t ) know how , when or where the cars were being driven . Because of this , the market developed proxies – age , profession , etc . – that could be used for rating risks . However , we no longer live with a paucity of data , we live in an abundance – or more likely an overload of information . We can ’ t keep up …. information is now everywhere . The internet of things is growing at an exponential rate , creating new data on the assets insured and this means that what was previously unknown or unknowable can now be known – but what will we do with
“The biggest potential advantage that insurers have is to leverage this new goldmine of data ” that knowledge ? We can now know how , when and where the cars are being driven ! This applies to almost every market .
The biggest potential advantage that insurers have is to leverage this new goldmine of data , develop a view of the ‘ behaviour ’ of the risks being insured , and use that to rate and manage the risks that they write .
Q . DESCRIBE YOURSELF IN THREE WORDS
» Innovative , industrious , and sarcastic !
Q . WHAT ' S NEW ON THE HORIZON FOR YOUR COMPANY - WHAT CAN WE LOOK FORWARD TO SEEING AS THE YEAR UNFOLDS ?
» This is an exciting year for Concirrus – we ’ ve reached a milestone recently with our 25th customer and are looking forward to many more to come . Our business continues to grow and learn more about the markets that we serve .
What started off as an idea – ‘ behavioural analytics ’ – has now become a software category .
In the year ahead , we see a huge amount of value in driving our analytics further into
22 July 2022