Ep 305: Andrew Yeoman, CEO & Co-Founder, Concirrus

In Episode 305 of the FNO: InsureTech Podcast, hosts Rob Beller and Lee Boyd welcome Andrew Yeoman, Co-founder and CEO of Concirrus, joining from the UK. Andrew shares how his company is transforming specialty insurance underwriting through AI powered automation, domain specific intelligence, and a relentless focus on real business outcomes. Andrew explains how Concirrus helps insurers dramatically reduce manual work, accelerate quoting, and unlock underwriting capacity without increasing headcount. Drawing on years of experience across insurance and technology, he offers a unique perspective on why AI alone is not the differentiator and why the real opportunity lies in rethinking business models around it. The conversation goes beyond today's use cases, exploring the concept of "but for" companies which are businesses that only exist because of AI and what that means for the future of insurance, underwriting, and entrepreneurship. Key Highlights [03:45] Andrew Yeoman Joins from the UK A multinational episode kicks off with Andrew introducing his background and proximity to the heart of the insurance market near Lloyd's of London. [05:00] Award Winning AI in Action How Concirrus helped a customer grow from 25M to 100M in premium without increasing headcount, earning top industry AI awards. [07:30] What Concirrus Actually Does An overview of the platform automating the entire underwriting lifecycle from submission ingestion to quote, bind, and policy administration. [09:30] Automating the Work Underwriters Don't Want to Do Why eliminating administrative tasks roughly 40 percent of an underwriter's time unlocks productivity and improves job satisfaction. [11:15] From 48 Hours to 90 Seconds How AI driven workflows reduced time to quote by over 90 percent, transforming responsiveness and competitiveness. [12:45] Why One Size AI Doesn't Work in Underwriting The importance of domain specific AI models tailored to different specialty lines like aviation, marine, and crisis risk. [16:30] The Evolution Toward Specialty Insurance How early lessons in data overload and usability led to a focus on simplifying underwriting in complex, underserved specialty markets. [20:30] Reinventing the Company Around AI Andrew shares how Concirrus reset in 2023, leveraging AI at the right moment to rebuild with strong domain expertise. [22:00] Why "AI Native" Is Becoming Meaningless A candid take on how AI is quickly becoming table stakes not a true differentiator. [23:30] The Rise of "But For" Companies A powerful framework businesses that only exist because of AI and why they represent the next wave of innovation. [27:15] The Idea of the One Person Insurance Company Exploring the possibility of a billion dollar MGA run by a single person supported by AI agents. [29:30] New Insurance Products Enabled by AI How dynamic, adaptive policies could optimize coverage in real time based on customer behavior and context. [33:10] A Golden Age for Insurance Innovation Why Andrew believes we are entering an unprecedented era of opportunity driven by AI and technological advancement. [34:45] Can the Industry Keep Up? Why MGAs may lead innovation while carriers provide the balance sheet and how the ecosystem evolves together. [36:00] The Role of Vendors in an AI World Why success comes from clearing the path for customers not pushing technology for its own sake. [39:30] Global Risk, War, and Real Time Data How geopolitical events create cascading impacts across specialty insurance lines and why real time insight is critical. [43:00] Final Thoughts The Future Is Already Changing A reflection on AI agents, automation, and how entrepreneurship itself is being redefined.