D in at aN aA ew na l y Er tic a s
F E AT U R E S
Andy Yeoman, CEO of Concirrus, is an expert at harnessing the power of advanced data analytics. Here, he considers the future of data analysis in a new era of connectivity.
Data analytics is a means goal, not an end goal 52
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MODERN
INSURANCE
Q
How would you describe the Concirrus business model? Do you think this has been a factor in attracting young talent, given 60% of Concirrus employees are under 35?
A
Our business model as it faces the customer, and our business model that faces our employees are slightly different. As we face the customer, our business model is very much geared around ensuring that we add value to our customers. So, where we charge them, we do so on the basis that we add significant value. I think the industry statistics - which are consistent with our own insight – are that for every $1 we charge we should be adding $10 of value. But the model, as it relates to our employees, is different. Attracting young talent in London is a challenge in itself. We believe we are in a privileged position where we’re bringing about change in a global industry. We are supporting a 300 year-old industry, which has been operating in a certain way, through cutting edge technology. People are recognising that we are securing strong customer traction in the market, and they
undoubtedly find this attractive. In normal times, our working environment is also appealing, we are a very sociable team and encourage activities such as running, pub quizzes and a collaborative approach, both inside and outside of work. With our team currently working remotely, we have implemented an extensive program of team-building activities. We hosted our first live workout yesterday and we’re encouraging the team to exercise and get some fresh air. I also hosted our first remote meeting with the entire 80-strong team all joining via video/voice. We’re running quizlets (mini-quizzes) throughout the week and so much more.
Q
We’ve discussed earlier in this issue who is the modern day ‘expert’, i.e. human vs technology, do you believe the need for highly experienced individuals in the insurance industry is being overshadowed by the power of data and the use of tech?
A
No, I do not. I think the technology we are seeing is enhancing the experience of the experts, rather than diminishing it. For example, if you
