Spot On Insurance Welcomes Andy Yeoman

Having lived through a major hurricane, I know that the damage such events cause is often only the beginning of a long struggle toward recovery.?Conditions on the ground can make it unsafe for adjusters to work.?Disrupted infrastructure and dislocation of persons hamper communication, further delaying things.?Now, Andy Yeoman offers a high-tech solution to help insurance companies get ahead of the impact of natural disasters.

Andy is the CEO of Concirrus.?Since 2012, he has led the company’s efforts to harness the power of the Internet of Things, artificial intelligence, and actuarial science to benefit the commercial and specialty insurance sectors.?Prior to co-founding this venture, Andy worked extensively with telematics, big data, and insurance.?In 2019, he was voted the second most influential person worldwide in marine insurance.

Concirrus’s cloud-based software collects and analyzes a vast range of data points to create behavioral avatars.?Underwriters can then match prospective insureds’ risk/claim histories to those avatars to predict future loss ratios.?As Andy explains, behavior is not only a better indicator of risk than traditional metrics, it’s also a leading indicator. ?That provides space to introduce mitigation measures to further reduce risk.?After great initial success in marine insurance, Concirrus developed its Quest Property software.?It uses satellite and aerial imagery, among other data points, to generate insights into how carriers can best allocate resources after a catastrophic event to meet client needs.?The goal is to make insurance better, more personalized and more responsive to policyholders’ needs.?It’s about turning insurance into assurance.

To connect with Andy Yeoman directly:

→ LinkedIn: Andy Yeoman, Concirrus

→ Website: concirrus.ai

For more great insights from Andy listen to his Spot On Insurance podcast, Using Big Data & AI to Improve Loss Ratios, which debuts on Tuesday, May 10.