“We want to improve the profitability of carriers, but also help employers by keeping as many of their employees healthy and happy and working as long as possible”, says Tom.
Tom shares his journey from childhood obsession with computers to 10 years on machine learning and AI projects at Google, before co-founding EvolutionIQ in 2019.
Based in NYC with a current full-time team of 55, the bodily injury claims insurtech is offering transformative reductions in combined ratios for carriers as well as significant reductions in the number of people moving from short-term to long–term disabilities.
As the business moves forward to international expansion, Tom highlights the challenges of hiring and the length of the sales cycle as a result of carriers being new to AI.
“Hiring for AI and data, we have a very high bar. We hire one out of 10,000 applicants. That’s been tough.”
Tom explains how EvolutionIQ is maintaining its cultural values as it expands in to overseas markets with similar regulatory environments.
He concludes by sharing his advice to fellow insurtech founders.
“Find something you’re truly passionate about. It needs to be something you’re willing to spend seven days a week on for the first couple of years. And listen very, very carefully to the carriers. Every carrier has a different way of doing things.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.