Meet the Team – Tim Spencer, Head of Portfolio Analytics
Q: How did you end up at VAVE?
A: I’ve been working at Canopius for nearly 12 years now. Starting out in the catastrophe management team, I have had the chance to work across a wide range of classes written in the business. From the outset I have been keen to try and introduce new ideas into the team and to build a best-in-class analytics capability which has real influence in the decision-making process at an underwriting and a strategic level. Moving into the VAVE team was a natural next step for me to take a more holistic view of analytics and to really start shaping the future.
Q: What are the best aspects of your job?
A: VAVE is, by definition, data driven. So, analytics is at the core of everything we do, and what we learn from our analytics helps inform the next generation of the rating algorithm. Working in VAVE we have had the fantastic opportunity to start with a clean slate regarding data and systems. Without any legacy we boast a 360° view of the quote, policy and claim lifecycle which enables some truly cutting-edge analytics. We’re only really scratching the surface of what will be possible, so the prospects for the future are really exciting too.
I also oversee our use of third-party data across VAVE. By partnering with data providers, we are able to expand our view of the market and access elements which are not ordinarily available. This powerful advantage helps us to understand the importance of every data point and reflect that in our underwriting.
Q: What are you working on right now?
A: I’m currently working on a project to enhance our algorithmic pricing to allow us to build a more optimal portfolio. By feeding back data from our portfolio management reporting into our rating models in near real time, we can enable a virtuous circle of improvement and drive more profitable growth. We’re also actively building out our data science capabilities which are enabling us to unlock the next phase of analytical developments.
Q: What is your next big project on the horizon?
A: The algorithm determines the risk selection and pricing. We have live claims in our system which provide signals that would have previously been unnoticeable. I will be generating insights which allow us to further differentiate our offering, enhance our product and improve claim settlements.