“We don’t like to think of it as head to head competition”, says Ron.
Having taught his computer at university to summarise his 1000 page course textbooks, the Toronto-based founder of Chisel AI, shares his vision for how machine learning can work with humans. The goal is to make processes faster and better, reducing what usually takes an insurance carrier or broker 4 hours to 30 minutes.
With 55% of those working in the insurance sector retiring in the next 10-15 years, Ron maintains that “Companies will need to be more efficient just to operate at the same capacity and scale they are today, let alone grow.”
Ron challenges insurance professionals looking to gain experience in insurtech to examine their motivations and have realistic expectations.
“Dream big. The industry is very old but it’s ripe with opportunities.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO of Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses in the United States and UK.