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- (Re) insurers to arms: are you ready to win the war for
the Internet of Things?
Craig Hollingworth, co-founder, Concirrus
Making Waves In Marine Insurance November 2017 You Us Something - - PowerPoint PPT Presentation
Making Waves In Marine Insurance November 2017 You Us Something - - PowerPoint PPT Presentation
o (Re) insurers to arms: are you ready to win the war for the Internet of Things? Craig Hollingworth, co-founder, Concirrus Making Waves In Marine Insurance November 2017 You Us Something new? Introduction: Series A Formed in 2012
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You
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Us
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Something new?
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Formed in 2012
By Andrew Yeoman and Craig Hollingworth - pioneers and visionaries in IoT
International
Based in London & Delhi
Series A funded
Privately held and seed funded by founders with a Series A in 2015 from Touchstone Innovations
Award Winning
Gartner Group ‘Cool Vendor’ in IoT, Aite Group Insurance Visionaries, CloudEx UK Top 20 Cloud Company
Series A
Introduction:
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Who’s selling snake oil?
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We’ve been weaponising IoT for insurance
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Commercial marine insurance is undergoing a seismic change…
Risk assessed and priced
- n historic declared,
articulated demographics
YESTERDAY TODAY
Risk assessed, priced and managed based
- n live
- bserved, even
anticipated behaviour
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Seeing behaviour in real time means we gain new insight into risk…
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Active Risk Management becomes possible
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How does this benefit insurers?
More premium and new target markets Improved loss ratios and better risk Active risk management in real time New, elastic policies = more profit 1 2 3 4
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But what are the implications for the market?
New pricing models… The role of brokers… Systems that handle real time data… New types of connected product… Regulatory & data compliance…
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Rating Tables Metered Behaviour
The Elastic Policy
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Enhanced Intelligence for Commercial Insurance
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In the future there will be two types of insurer; Those that integrate IoT into their business models… …and those that used to exist.
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We need to work together…
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We’d love to hear from you.
craig@concirrus.com @concirrus