Dave Connors: Founder and CEO, distriBind: Curing the industry’s obsession with spreadsheets (240)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 23 April 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Insurance runs on data which has to be moved between counterparties. Insurers, brokers, MGAs and many others still rely on spreadsheets (or worse) to do that, which causes friction and errors. In this episode, Robin Merttens talks to Dave Connors, Founder and CEO of distriBind, about why he set up the company and how they are working with insurers and others to provide a way to move beyond spreadsheets at the pace that suits them best. Topics include: Avoiding million-dollar mistakes through more robust data transfer Why spreadsheets for data transfer doesn’t work Validation and reconciliation Why the industry has found it so difficult to wean itself off spreadsheets Common data standards - does the industry need them? The benefits of being in the Lloyd’s Lab What the future holds We’d love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe some of the negative impacts of transferring data when using dated systems List some of the advantages for businesses evolving into a digital world Identify the key pieces of information required to create maximum efficiency when processing data If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 240 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	If you can give us data in real time, just get rid of the spreadsheet right now.
0:05.0	If you can't, if you still need the spreadsheet, at least we can eliminate all the re-keying.
0:09.0	Welcome back and if this is your first time, I'm delighted you found us.
0:22.2	Matthew Grant here, but only briefly this week with Robin Merton's in the chair today,
0:26.3	talking to Dave Conner's founder of Distribite.
0:29.5	Spreadsheets, Marmite, and these scooters, what do they have in common?
0:33.0	Well, they're all one of those things you probably either love or hate.
0:36.3	Marmite, by the way, for our American friends, is a dark, black, yeasty spread that tastes,
0:41.7	well, I think, a lot better than it sounds.
0:43.7	And yes, if you're in Australia, it's vegamide.
0:47.0	Personally, I'm all in favour of spreadsheets, but only up to a point.
0:50.8	They were designed as a tool, not as a data source or a format.
0:55.2	Well, you can enjoy this one. As usual, Robin brings his own point of view to the discussion, but Dave and his team
1:00.1	at Distribine are the heroes of this story. Someone else has been building a business, the old-fashioned
1:05.6	way with a product, clients, and revenue. Now, if you don't speak insurance, don't worry, I'll be jumping in to
1:12.2	unpick those tricky acronyms. You're going to hear about Bordero. Those are reports provided
1:16.7	by MGA's back to their insurance capacity providers about business that has been underwritten
1:21.1	and losses. And a cover holder is an MGA license in Lloyd. Okay, that's enough for me. Here's
1:27.4	Robin and Dave.
1:31.5	So Dave, you're the founder and the CEO of Distribind. You always carry this
1:36.5	strap line. I see everything you do is curing the industry of its spreadsheet addiction.
1:41.1	What is it you got against spreadsheets? Is it the misused as data transferers
	...

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