BRINGING THE POWER OF ANALYTICS TO YOUR AGENCY'S DATA
Our analytics dashboards will give your insurance agency every
last drop of insight from within your data — and beyond.
Our Vision
Soteris creates data analytics products for insurance agencies.
We are working hard to build tools to make insurance agencies more
efficient from top to bottom and would love to stay in touch with updates.
The Technology
The Technology
Soteris works with both retail insurance agencies as well as managing general agencies (MGAs) to
create the reporting and analytics tools they need, and to optimize the metrics that matter to them most.
In this case study, we worked with an MGA that writes non-standard auto insurance. We fed our AI
system a set of actual insurance policy and claims data, then asked it to 'score' every submission
the MGA receives, live and in real-time, returning responses on each policy in under one second each.
This algorithm has been running live for over two years now and has scored over 10,000 policies in
that time. Each policy's score represents the system's estimate of the expected profitability that
policy would achieve, on a policy-by-policy basis. We then sorted those policies top-to-bottom based
solely on the assigned score and split those policies into ten equal-sized buckets, best scores to
worst. We then calculated the actual, eventual loss ratio for each bucket. The graph below displays
the result -- the Soteris scoring system demonstrates a clear ability to predict which policies are
likely to lead claims, and which ones are not.
Our software has raised this customer's policy profitability **over 250%**.
« Best Scores
Worst Scores »
The Team
Who We Are
Sunit N. Shah, Ph.D.
Dr. Shah entered the insurance industry in 2005, spending six years
building pricing models for life insurance. He subsequently joined the
$16 billion hedge fund firm Pine River Capital Management in 2013, where
he priced risk within financial markets as the second-in-command on the
macro and commodities trading team. While there, he spent two years
building a reinsurance company from the ground up. He is an author of
Behavioral Finance
and the
Principal-Agent Problem in Finance. Prior experience includes the Boston Consulting Group and adjunct
faculty positions at the University of Virginia. He received his Ph.D.
in Economics from the University of Virginia, focusing in Econometrics,
Finance, and Game Theory.
Founder & CEO
Hao Xia
Mr. Xia is a seasoned engineering leader, with over a decade’s
experience in building mission-critical software systems. He cut his
teeth at Microsoft, where he worked on the distributed components and
protocols that guaranteed the high availability of SQL Azure, and was
the co-inventor of two US patents. He then joined Optimizely’s Backend
team, responsible for the data infrastructure and pipelines that were
processing billions of events per day, powering Experimentation and
Personalization at scale. Realizing how much latent signals lay in those
data, he later started and led the Machine Learning team at Optimizely,
and launched Recommendations, Stats Accelerator, and Adaptive Audiences
over the years. Most recently, he led the Service Infra team at
Flexport, supporting the engineering-wide re-architecture and SOA
migration initiatives. Mr. Xia has a M.Sc. in Computer Science from
McMaster University with a focus on Optimization and Game Theory, and a
B.Eng. in Computer Software from Tsinghua University.
Engineering Lead
Wei Ling Heng
Ms. Heng's background is in Product Management and Business Strategy.
She built her product chops at LinkedIn and Atlassian, where she focused
on human-centered product development. At LinkedIn, she was on the
founding teams of new B2B product lines and launched new products,
including Pages, Pipeline Builder and Talent Insights, helping customers
to more effectively reach and engage users. More recently, as a Product
Manager at Atlassian, she led the Confluence mobile team and built the
roadmap to increase mobile user acquisition and innovated on the user
experience during COVID-19. Other relevant experiences include Product
Marketing at Microsoft as well as strategy roles at Bain & Company. She
holds a B.A. in Economics from Stanford University.
Product Lead
Patrick Cleary
Mr. Cleary launched his career as a software engineer at Amazon working
on Alexa. He worked with a team handling the management of all search
functionality within Alexa, processing millions of requests each day.
However, his partnership with a small-business owner to develop an app
to improve workforce management was transformative. The experience led
him to seek out projects with more direct impact and greater opportunity
to work directly with end users. He holds a B.S. in Computer Science
from the University of Massachusetts Amherst.
Software Engineer
Tom Steffes
Mr. Steffes has a long history of creating robust software at startups of all sizes, most recently as Director of Engineering for Updater’s
Insurance Division, where he led a team that created an online insurance shopping experience on the Updater platform.
Prior to that, he served as CTO of
Locus Health,
where he led a cross-functional team that created a remote patient monitoring and engagement platform.
Locus Health closely partnered with Apple, and the Locus Health platform is
featured
by Apple Healthcare. Prior to Locus Health, Mr. Steffes was an Engineering Manager at an online travel startup,
which was acquired by a joint venture of major hotel chains, and rebranded as RoomKey.com. Mr. Steffes has a Bachelor’s
Degree in Computer Engineering from the Milwaukee School of Engineering.
Software Engineer
D. Scott Phoenix
Mr. Phoenix is the co-founder and CEO of Vicarious, which does
fundamental scientific research into the nature of intelligence with the
goal of building machines that exceed human intelligence. He is an
advocate for the development of safe AI and a leading signatory on the
Future of Life Institute's Open Letter on Artificial Intelligence.
Before co-founding Vicarious, Mr. Phoenix was CEO of Frogmetrics
(Y-Combinator S2008), Entrepreneur in Residence at Founders Fund, and
CXO at OnlySecure and MarchingOrder. Mr. Phoenix earned his BAS in
Computer Science and Entrepreneurship from the University of
Pennsylvania.
Advisory Board - Co-Founder & CEO, Vicarious
Careers
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The Power of AI
The Power of AI in Insurance
Over time, we plan to revolutionize how insurance agencies operate with our AI-driven analytics.
Our dashboards give you 24/7 access to analytics on the health of your business, always updated in real-time.
Our AI detects cross-sell and upsell opportunities to help you round out your accounts.
3rd-party data enhancements on leads and submissions keeps you informed on both your customers and your prospects.
Market benchmarking gives you insight on exposures, rates, limits, deductibles, and coverages far beyond what's in your own data.
Our Investors
Our Investors
YCombinator
Early In: AirBnb, Dropbox, Stripe
Amplify
Early In: DataDog
Khosla
Early In: Square, Lookout
Foundation
Early In: Netflix, LendingClub
Data Collective
Early In: Square, Elastic, PlanetLabs
WIN
Early In: Applovin, Okta, Pagerduty
Clocktower
Early In: Chime, Tala, Steady
Mohak Shroff
Senior VP of Engineering, LinkedIn
Sam Hodges
Co-founder & CEO, Vouch Insurance
Thomas Rutherfoord
Chairman, Core Assurance Partners
Jeremy King
Senior VP of Technology, Pinterest
Wes McKinney
Creator of Pandas
D. Scott Phoenix
Co-founder & CEO, Vicarious
Scott McNealy
Co-founder & CEO, Sun Microsystems
Paul Buchheit
Creator of Gmail
Roger Egan, Sr.
Former President, Marsh & McLennan Companies
Beth Axelrod
Global Head of Employee Experience, AirBnb
James Barrese
Former CTO, Paypal
Frederic Kerrest
Co-founder & Chief Operating Officer, Okta
Want to Connect?
Want to connect?
Whether you are interested in seeing a demo of our technology, partnering for a proof-of-concept, or just learning more about Soteris, we would love to talk.