Best IoT Company - UK Company: Concirrus Ltd Address: The Leathermarket, 17 Leathermarket Street, London, SE1 3HN Phone: +44 (0) 203 540 5974 Email: email@example.com Website: http://concirrus.com/
Concirrus is a fintech organisation leading the IoT revolution for companies worldwide. We invited CEO and Co-Founder Andy Yeoman to tell us more. The future poses an exciting challenge for Concirrus. As a fintech company in the insurance sector, one of our greatest challenges is seeking to revolutionise an industry that has changed little in the last 300 years. We speak to many senior personnel within insurance companies and, by their own admission, change within the industry has been somewhat resisted. But our prediction, supported by many, is that in 5 years’ time there will be two types of insurer; those that have adopted the Internet of Things (IoT) and those that used to exist. Why is this? Well the answer is simple but profound: since insurance began the premise of it was that risks were calculated based on ‘declared information’ i.e. this is how I live, how I drive, etc. With the internet of things that behaviour, those risks, and the ‘declarations’ can be validated, observed, contextualised and measured in real-time. The only gaiting factor is how the industry will react but there’s little doubt that this is a ‘when’ not ‘if’ scenario. However, all is not rosy for the new ‘connected pioneers’ as the growing number of devices and sensors are generating unprecedented volumes of information that need to be processed, understood, and assessed. It requires a fundamentally different approach to insurance from a fundamentally different type of vendor. Get it right and insurers can make more intelligent decisions, lowering risk exposure as a result. In short, the advent of IoT offers insurers massive opportunities for progress and greater future stability, not to mention the ability to provide fairer, more efficient products for their customers. Take marine insurance as an example. Currently, large ships and their cargo are insured by a syndicate (typically out of institutions such as Lloyd’s of London) and a static written
policy will be produced. The initial decision to partake in the underwriting of that ship is an educated gamble. Once it starts out on its voyage the insurer loses sight of it. In other words, contextual information sources (weather, warzones, historical voyage data, engine diagnostics, GPS and V-SAT to name a few) are rarely used and never pulled together into one ‘connected policy’. Crucially, insurers have no means of establishing relationships with the myriad different hardware manufacturers whose data they need to ingest and understand. This is our offering and our point of difference. Concirrus brings the world’s information to life in a way that is accessible and useful to insurers. By integrating the Concirrus platform into their business we allow insurers to revolutionise the way that they think and act, reducing risk in everything that they do. We ingest live information from sensors and devices, combining it with existing data systems and using machine learning and predictive analytics to translate it into actionable decisions. In short, we provide Intelligent Insurance. This represents a fundamental shift in the industry and benefits insurers in three key ways; firstly, it reduces the amount of risk in their decision making. With less risky policies comes less pay-out and a more stable return on investment. Secondly, it allows insurers to make more efficient decisions. With large volumes of information easily accessible via a simple dashboard, executives are more empowered and this allows the organisation to run in a more efficacious manner. And lastly, our technology offers the prospect of stability in a volatile future. Insurers on both sides of the Atlantic have yet to make the first move, but those early
34 l CV Technology Innovator Awards 2016
into the game will reap the benefits of a more prosperous period of growth. Winning the award for Best IoT Company UK is a great honour for us at Concirrus. With IoT underpinning so many revolutionary movements, and in so many industries, it is wonderful to receive recognition for our work thus far, and this pushes us towards a more ambitious future. It represents our journey so far and the success we have had with our past and current customers, from airport security systems through to connected young driver insurance. But our current work with major, global insurance companies means that the biggest breakthroughs are yet to come. If we were to pick one factor that contributes to our success and our organisational strength, it would be the healthy mix of skills and personality types within our company. As well as the technical and developer capabilities, we employ a range of skill sets, from business strategy and insurance industry experts, through to creative and design specialists. This gives us an edge and it allows us to develop products that truly answer the needs of our customers, providing technology that solves real world, human problems. The London (and UK) tech scene is vibrant, and fintech is no exception. Brexit or no Brexit, we are excited about the prospect of what the future holds for small British tech firms. Companies like DeepMind are a shining example of what we can achieve and the advantages that lean agility can offer us when compared to incumbent tech giants. This advantage is likely to work in our favour as we are able to offer a more bespoke solution to our customers, answering their business needs and pioneering a new way forward.