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Ep. 280: How AI is Radically Changing the Future of Insurance

Shownotes

James Benham is an entrepreneur, technologist, pilot, speaker, CEO, and podcast host. He is the Co-Founder of TerraClaim, a company that offers the latest cross-industry data analytics and benchmarking solutions. He also co-founded SmartCompliance, a tracking software that streamlines everyday processes by insurance professionals and is the host of The Insuretech Geek podcast, a show dedicated to the latest insurance technology news and innovations. 

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

James joins us to describe business management best practices, especially regarding short and long-term goals. He shares what it was like growing up in Louisiana with Luddite parents, where his passion for programming started, and how it ultimately led to pursuing an insurance career. He discusses the future of claims management and how AI can streamline the various processes involved. James also describes the emotional rollercoaster of selling a business and shares his best advice on how to handle it.

“You have to have a system that’s prepared to handle a lot of unstructured data and structured data, and give you easy access to it.”

James Benham

What you’ll learn:

  • What it was like growing up in Louisiana and being raised by Luddite parents
  • How James found his passion for programming
  • Pursuing a career in the insurance industry
  • Why James always wanted to play the guitar
  • Identifying when it’s the right time to sell a business
  • Why you become wiser after a recession
  • What James learned from his first start-up
  • The type of challenges James’ team helps their clients solve
  • The future of claims management
  • Improving existing claims technology and data analytics
  • What “Building Mad Scientists” is all about
  • Why no one actually has ‘spare time’
  • James’ advice for effective business management

Key Takeaways:

  • Every claims adjuster out there applies discretion to everything they do.
  • You have to focus on the problems your company needs to address, not the next shiny object.
  • It tests your mettle when you’re starting a business, especially when you’re barely breaking even.

Resources Mentioned:

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