Legal: AltumAI LLC
Location: Los Angeles, CA
Founder(s): Simon Prowse, Lars Skari
Social Media Following: 12 Followers on Twitter
INDUSTRY – Insurance
Size: $4.8Tn (2017) (Source: “Insurance Global Industry Guide 2017”)
Projections: $6.1Tn by 2020
AltumAI is a risk avoidance consultancy group. The company wants to change the way that commercial insurance is bought, sold and serviced by altering the way insurers, brokers, carriers and re-insurers interact. AltumAI works alongside insurers to promote ‘Risk-Avoidance-as-a-Service,’ thus cutting down on premiums that otherwise would escalate costs. It does so using data generated from the Internet-of-Things (IoT) alongside artificial intelligence and automations.
AltumAI’s service is part consultancy, part analytics. AltumAI’s analytics platform is built at the intersection of risk insurance, artificial intelligence and data collected from IoT. AltumAI utilizes information collected from all kinds of electronic devices to build a picture of risk assessment, one that is then analyzed on an AI platform termed ‘Connected Risk Platform.’ This platform combines predictive data and algorithmic analysis to determine the level of risk and the cost.
The data collected and analyzed is used by a team of managerial consultants, entrepreneurs and insurance experts to determine which areas of business are most at risk, what is the frequency of this risk, and how to change business practices to mitigate the risk. This goes beyond simply insuring against unavoidable outcomes and helps bring down costs of premiums and streamline the organization. The company calls this ‘Risk-Avoidance-as-a-Service.’
Origin and Founders
AltumAI has two co-founders: Simon Prowse and Lars Skari, each with 20+ years of experience in entrepreneurship and tech. Prowse is managing partner of AltumAI, with a background focused on tech-driven analytics and business development. Before co-founding AltumAI Prowse worked at IBM in the Analytics division, where he worked on integrating SPSS services within the company. Before IBM Prose worked in tech consulting, working for Professional Services and Consulting for North America creating software focused on predictive analytics. Lars, meanwhile, worked as a tech consultant for Infosys Consulting for 10 years.
AltumAI has worked with Western Growers, a farmer conglomeration, as well as insurance brokerage JLT and the American International Group (AIG) a global insurance organization. While working with JLT AltumAI pioneered a system of requiring employees to wear electronic devices to capture data in order to determine the main causes of worker injury and illnesses and the solutions to said issues.
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