Robin Merttens & Andrew Yeoman: Navigating algorithmic underwriting in Property & Casualty (160)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 17 October 2021

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Robin is joined by Concirrus CEO and Co-founder Andrew Yeoman on Podcast 160 to discuss how commercial insurers are beginning to use algorithms to support underwriting decisions. The conversation covers the findings from the InsTech London report, A Practitioner's Guide: Algorithmic underwriting in commercial and specialty insurance, which examines where industry adoption is right now and what’s needed to move the technology forward. Andrew shares his insights on the potential of algorithmic underwriting, plus practical examples of how Concirrus is using algorithms to identify marine risks and build dynamic pricing models. Talking points include: How underwriters are using algorithms The challenges to wider industry adoption Predicting behaviours through technology ‘Digital fracking’ and the importance of structured data Automation as a journey and where we are on it The balance of AI and human input A Practitioner's Guide: Algorithmic underwriting in commercial and specialty insurance is available to download from the InsTech London website. For more information about Concirrus, take a look at the company's InsTech London member profile page. If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Understand how algorithms are being used to build dynamic pricing models Recognise how algorithmic approaches support underwriting decisions Distinguish how structured data improves the efficiency of underwriting algorithms To continue learning about commercial insurance, visit the Concirrus profile page on the InsTech London website. If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 160 page of the InsTech London website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Well, here we are again, episode 160. And as Woody Allen said, 80% of success in life is just
0:20.3	showing up. So thank you for showing out this
0:22.4	week. Hopefully you've noticed there's a lot more to instec these days in the podcast and our event.
0:27.6	And thanks to the hundreds of people that are willing to talk to us each month, we've also
0:31.0	been able to get a really good idea about what you care about, whether you're at an insurer,
0:35.2	working in a tech company or just curious. Now, Robin Mertens
0:38.6	is at the helm of our next report on algorithmic underwriting, and this week he is talking to
0:43.2	Andy Yeoman, CEO and co-founder of Consiris. Now, Consiris is probably best known for its quest
0:48.7	platform that helps insurers track and underwrite ships, and you can learn about that when I
0:52.9	spoke to Andy for episode 91. But these days, Consirius is offering a lot more than just tracking ships, and Andy himself
0:59.8	has a quite a compelling vision for what the future of underwriting will look like.
1:04.1	I'm Matthew Grant, and I am delighted to say that this week we have confirmed our 10th full-time
1:08.8	person joining at Instec, and this week, we've had our
1:11.6	second live event in London. Next up, 9th of November, sponsored by ISI, and details are on the website.
1:17.7	And finally, as you may know, you can get your CIA, that's Chartered Insurance Institute,
1:22.4	credits towards your continual professional development from our podcast by listening to it
1:27.3	and or reading the
1:28.5	episode notes. The learning goals for this are in the notes on the website www.instech.
1:34.4	London. Now back by Andy Yeoman. He's the CEO and co-founder of
1:50.6	Consiris. Andy's here today to talk with me about what he's doing at Consiris, but also about
1:56.9	algorithms. We have a report coming out about algorithmic underwriting commercial insurance,
2:04.2	and we've written a practitioner's guide, a kind of back-to-basics to help people understand.
	...

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