Mike Hobday, CEO: Insurants: Falling in love with document processing (322)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 29 September 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

According to Mike Hobday, CEO of Insurants, the company is “a bit like being the Google Translator of the commercial insurance market”. Insurants is developed by Antworks in collaboration with Marsh McLennan to help commercial insurance companies manage and process their documents. This week, Matthew caught up with Mike, who previously having spent 12 years at IBM, witnessed early AI automation with the likes of Watson, through which he fell in love with document processing. At Insurants, Mike is bridging the language barrier (so to speak) between data that flows between brokers and carriers. Key talking points include: The importance of summarisation - courtesy of the InsTech AI bot intern Falling in love with document processing - Mike’s career journey What is the current problem with document processing in insurance The Periodic Table Insurants accuracy - working with Marsh Commonality between insurance and the left side of the brain Moving business back to the UK Vital advice for small carriers and brokers If you like what you’re hearing, please leave us a review on whichever platform you use or contact Mike Hodbay or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, 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: Explain the issues with document processing in the insurance industry and why automation is the solution. Identify different types of documents used in insurance and their purpose. Summarise ways in which a carrier can integrate a document processing AI system into their workflow. 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 322 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

Click on a timestamp to play from that location

0:00.0	Good morning, good afternoon and welcome back.
0:12.3	Zoya, podcast producer here.
0:14.5	What do periodic tables and Google translators of commercial insurance have in common?
0:19.9	This week on the podcast, Matthew
0:21.8	speaks to Mike Hobday, CEO of Insurance. Insurance is developed by Ampworks in collaboration
0:28.7	Marsh McLennan to help commercial insurance companies manage and process their documents. Mike also
0:34.4	discusses the recently patented periodic table function at insurance used to compound
0:39.4	and extract data from multiple elements and sources. If you want to hear more about that and a hint
0:44.8	towards an announcement at ITC Vegas, tune in. Well, if you're already not familiar with
0:50.7	Intertech and what we do and that we have a life beyond the podcast, take a look
0:55.4	at Instatec.co to find out what we know and how we can help you. That's pretty much it. Now let's
1:01.4	hear what Mike had to say. Mike, welcome and really looking forward to talking to you today.
1:17.7	Before we kick things off properly, it's always good just to know where people are.
1:21.3	So where in the world are you calling in from today?
1:23.4	I am in Royal Lemington Spa up in the Midlands.
1:27.2	For all our overseas listeners and actually probably our UK listeners as well, why is it called Royal Lemington Spa?
1:33.3	Well, the Prince Regent, so we're going back to the early to mid-1800s, used to come here to take the waters.
1:40.8	There was a farmer at the bottom of Leamington, which at the time was a field, alighted upon a spring of water.
1:48.7	And being an excellent marketeer at the time, decided it was medicinal and would cure all diseases.
1:55.7	And so a bit like Bath Spa, Lemington grew up as a Georgian holiday resort for the wealthy of London,
2:02.6	and they would come here to take the waters and solve all of their ills.
2:06.9	And so we were anointed Royal Lemington Spa.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from InsTech, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of InsTech and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.