Discover how John Foord Analytic’s Cloud Architect, Atul Mistry, help the insurtech industry achieve business outcomes.
EITN: Please describe how John Foord Analytics uses technology to help John Foord overcome challenges and achieve business outcomes?
Atul: John Foord specialises in the valuation of industrial, commercial, and residential buildings, civil works, structures, plant, and equipment across more than 70 sectors ranging from hotels, energy, infrastructure, high-tech, manufacturing to telecommunications.
Our key function is to help insurers and reinsurers, asset owners, financiers, and brokers mitigate risk by delivering clear insights into asset values.
Many of our historic assignments involved detailed site inspections and we recognised, even before the impact of Covid, that this could be both disruptive and costly for clients.
Our key function is to help insurers and reinsurers, asset owners, financiers, and brokers mitigate risk by delivering clear insights into asset values.
John Foord Analytics, our new Insurtech business, is designed to give clients an alternative solution based on geo-locations using cloud-based modelling and data to arrive at accurate replacement costs for fixed assets across the globe.
Using artificial intelligence, machine learning and deep learning technique, John Foord Analytics leverages terabytes of historic cost and location data, collected by John Foord over decades, to arrive at sophisticated valuation models allowing owners, insurers, and advisors to get quick, simple value-at-risk insights at their fingertips.
This means that we can collect insightful data points from a client’s asset or site and, by comparing this information with thousands of similar data points from other sites around the world, we can quickly deliver an assessment within an acceptable accuracy level.
John Foord Analytics, our new Insurtech business, is designed to give clients an alternative solution based on geo-locations using cloud-based modelling and data to arrive at accurate replacement costs for fixed assets across the globe.
We believe that our investment in data analytics and modelling will be of keen interest to owners, brokers, insurers, and lenders in the current climate as businesses seek better analysis of their insurance risks and ways to mitigate costs and limit losses in a secured and compliant way.
EITN:What are your main sources of data for your analytics to work on?
Atul: Given our long history, we have proprietary valuation data going back decades that we use as the main source of data for our new John Foord Analytics platform.
The John Foord Analytics platform is designed to leverage third party data, both publicly available and proprietary data from clients and other data suppliers.
We typically value over US$100 billion of assets annually across over 45 countries so we have a large volume of data to train, test and verify the machine learning model.
The John Foord Analytics platform is designed to leverage third party data, both publicly available and proprietary data from clients and other data suppliers.
EITN:How do you foresee your experience and expertise so far, helping an Insurtech company support its clients across the insurance spectrum? How will you help John Foord deliver these solutions to its clients?
Atul: I am excited to be able to bring a depth of knowledge of the latest technologies and services, such as Amazon Web Services, that will take the development of the John Foord Analytics platform to the next level.
I was immediately attracted to the futuristic vision of the John Foord team to use sophisticated, secured, cost-effective solutions and industry experts to deliver faster, data-driven analysis of asset values for insurance.
Atul is looking forward to leading the technical team for ground-breaking cloud solutions to support clients across the insurance spectrum with appropriate reinstatement costs and high-quality standards.
John Foord is partnering with the industry’s leading insurers and advisors to build a unique proposition and I am excited to work with them in my new role on this cutting-edge technology.
We typically value over US$100 billion of assets annually across over 45 countries so we have a large volume of data to train, test and verify the machine learning model.
I recognise the potential of John Foord Analytics and look forward to leading the technical team for ground-breaking cloud solutions to support clients across the insurance spectrum with appropriate reinstatement costs and high-quality standards.
