Vinod K. Singh serves as the Chief Technology Officer (CTO) for Concirrus Ltd, a well-regarded insurance software company based in the UK. He recognizes the transformative potential of Blockchain technology in enhancing transparency, authentication, and security within international transactions.
Vinod’s professional journey began as a software developer, where he honed his skills in C and C++, later expanding his expertise to include .NET and other enterprise technologies. Over time, he transitioned into roles involving technical design, architecture, and strategy. His career trajectory led him to hold technical leadership positions at various levels, from team lead to CTO.
A significant portion of Vinod’s career was spent in the financial sector, where he worked with investment banks, hedge funds, and high-frequency trading firms. He also had the privilege of working for Amazon and conducting technical due diligence for prominent investors across Europe and the United States.
Notably, just as he was about to join Google, he made the decision to co-found Concirrus alongside Andrew Yeoman (Andy), embarking on a new venture that has the potential to leave a significant mark in the world of insurance software.
Below are highlights of the interview conducted between Fortunes Time and Vinod K. Singh:
Describe who you are as a person, inside and outside of the workplace.
I am a highly driven and independent individual who consistently sets high standards for myself and those around me. I am impact-oriented, focusing on achieving meaningful results rather than simply engaging in busywork. As a true friend, I am always there to lend a helping hand, and I am passionate about sharing my knowledge and resources through mentoring and philanthropy. Mediocrity is something I struggle to accept, and as a leader, I view myself as a servant to my team, empowering them to reach their full potential. Whether in my personal or professional life, I relish the challenge of solving problems. My family and friends know they can always count on me, earning me the reputation of being “Mr. Dependable
Tell us about the inception of the company. How did it all start?
Concirrus emerged from our initial venture into the Internet of Things (IoT) realm. We developed a cloud-based platform designed to seamlessly connect various IoT devices and process the vast amounts of data they generate, enabling informed decision-making and operational efficiency. As we applied this platform to a diverse range of business challenges, we gained invaluable experience in handling time-series and geospatial data, as well as connecting disparate data streams to extract contextual insights and predictions using AI and machine learning algorithms. Our company name, Concirrus, reflects this background, symbolizing the concept of “connected clouds.”
After three years of exploration, my co-founder, Andrew Yeoman, proposed a compelling hypothesis: behavior is a superior indicator of risk compared to traditional demographic and rating factors used in insurance pricing. The proliferation of IoT devices presented an opportunity to capture previously unknown behavioral data about insured assets, potentially revolutionizing risk assessment. The challenge lay in effectively aggregating this massive data, preparing it for analytics, extracting behavioral factors, and feeding those factors into AI and machine learning algorithms to construct dynamic, data-driven pricing models. Additionally, we envisioned providing underwriters with in-depth risk insights derived from this data.
Our first three years had equipped us with the expertise to tackle these challenges in the insurance sector. We approached several industry players, receiving mixed reactions. However, one marine insurance carrier agreed to collaborate on a proof-of-concept project. The success of this project spurred us to develop our flagship product, Quest Marine, and a decade later, we continue to innovate and transform the insurance industry.
What has made you successful? What do you value?
My success is built on resilience and adaptability, a response to life’s setbacks, from financial constraints to educational hurdles. I pivot strategies without compromising my core ambitions. My character embodies determination and hard work, evident in my willingness to go the extra mile, whether selling vegetables or mastering programming with limited resources. Innovation and continuous learning are central in my journey, seen through an unsuccessful entrepreneurial venture and dedication to self-improvement in computer science. My approach involves practical decision-making based on the realities, transitioning to a traditional job when my start-up faced marketing challenges. Guiding me are self-belief and an unwavering never-give-up attitude, persisting through every obstacle.
Integrity and hard work are my foremost values, underpinned by unwavering honesty. I appreciate using challenges as avenues for growth, adapting strategies to sustain my aspirations and consistently reinvent myself. Learning from failures and making pragmatic decisions hold great significance. Embracing unforeseen opportunities and maintaining trust in your capabilities despite setbacks and doubts are also deeply valued.
Which are the major services of the company and how do they the company to get ahead in the competition? What value-added services does the company provide?
As a SaaS product company, our primary services encompass advanced solutions:
- Submission Automation and Risk Triage
- Behavioral Data Analytics
- Dynamic Risk Pricing
- Risk Mitigation Strategies
Our paramount commitment is to prioritize customers and maintain a steadfast focus on pride and integrity in everything we do.
What are the most important aspects of a company’s culture? What principles do you believe in and how do you build this culture?
Building and sustaining a robust company culture is a very challenging task for founders. It demands continuous effort, persistence, patience, and unwavering commitment from top leadership. At Concirrus, we prioritize a culture based on core principles:
- Stay Curious
- Have the Courage to Challenge
- Strive for Excellence
- Celebrate Success
- Transform Together
To uphold this culture, we:
- Hire for Cultural Fit
- Lead by Example
- Offer Feedback and Recognition
- Promote Team Building
This culture empowers employees to contribute their best, driving innovation, productivity, and overall success at Concirrus.
What is the significance of innovative ideas in the company?
Innovation is Concirrus’s lifeblood, propelling us forward in a dynamic, competitive industry. It distinguishes us, forging a unique market position by pioneering novel approaches to risk assessment, pricing, and mitigation. We leverage innovation to explore new markets, expanding beyond marine insurance into areas like cargo, aviation, and specialty insurance. Our behavioral data-driven solutions revolutionize the industry, redefining risk assessment, enhancing pricing, underwriting, and reducing claims costs. Innovation fuels sustainable growth by adapting to market trends, fostering a culture of curiosity, experimentation, and open communication, ensuring our success at the industry forefront.
What are your responsibilities as the Co-founder & CTO of the company? What is the happiest part of your daily routine?
Being a co-founder means wearing many hats, often without clearly defined boundaries. You’re responsible for everything from office management to strategic decision-making. However, my co-founder, Andy, and I have found a remarkable balance. He focuses on business development, strategy, and commercial aspects, while I delve into technology, product development, operations, and the well-being of our staff and customers.
Despite our primary focus areas, we complement each other seamlessly. I assist Andy on the sales side when needed, and he steps into operations and product development when he identifies areas where his expertise can contribute. Over the years, we’ve perfected this collaborative approach, supporting each other without encroaching on each other’s autonomy. Our shared values and aligned vision further strengthen our partnership, enabling us to drive the business forward in unison.
While I enjoy all aspects of my role at Concirrus, coaching and mentoring my team, solving challenging problems, and leading tech innovation are the highlights of my job.
What advice would you give someone going into a leadership position for the first time?
Leadership is about creating a positive impact, not personal abilities. Navigating ambiguity and translating vision into reality are key. True leadership serves the team and doesn’t seek personal accolades or power. It’s centered on empowering others and inspiring their growth, not on titles. Leadership demands responsibility, service, and dedication. Don’t pursue it for personal glory. Be prepared for the challenges and embrace these principles for success. It’s about leaving a lasting positive impact on those you lead and the organization, not seeking recognition.
