Nicola Turner, Co-founder & COO, Scrub AI: Cleaning up your dirty data (319)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 8 September 2024

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

At InsTech, we love featuring founders who took matters into their own hands to solve the problems they encountered. This episode shines a spotlight on one such entrepreneur who did just that. In the insurance industry, manually cleaning data remains a costly and time-consuming challenge. To explore this issue, Matthew Grant sits down with Nicola Turner, CEO and Co-founder of Scrub AI. Scrub AI is a platform that automates repetitive data cleaning tasks—a solution born from Nicola's own experience as an underwriter struggling with inefficient processes. Key talking points include: Nicola’s journey from underwriter to ‘accidental’ entrepreneur How identifying a persistent problem led to a solution The challenges and successes of raising funding for a tech start-up Why data management remains such a significant issue in the insurance sector The role of AI, machine learning, and technology in transforming data processes Insights on working with co-founders and finding the right partners Balancing the demands of start-up life with personal well-being If you would like to hear more about entrepreneurs, raising funding and founding a company, listen to episode 317 with Marcus Ryu, Partner at Battery Ventures and Chairman at Guidewire. 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. 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: Describe what are the current issues with data in the insurance industry Define bordereau and what problems might they pose for an insurer Identify ways in which entrepreneurs can generate funding and develop their team 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 319 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	Good morning, good evening and welcome to all of you here, whether in the UK or part of our massive audience around the world.
0:15.5	Just goes to prove that innovation knows no boundaries. Well, data, it's the new oil, isn't it? Well, we hear that a lot. Maybe it's
0:22.9	true, but have you seen what oil looks like when it comes out of the ground? Black, mucky stuff?
0:27.5	And sadly, the data being shared in the insurance world is still the digital equivalent
0:30.9	of that goo, dirty, messy, and often it needs a lot of refinement before anyone is going to get
0:36.3	any sense out of it.
0:42.8	So, what was the motivation behind Nicola's move to leave her day job as an underwriter?
0:48.4	She wasn't a born-to-win entrepreneur, but this is another story of everyday folk working a job and got fed up, not having the tools to get her work done. So in Nicholas' case, she decided
0:53.1	to build a company to do it.
0:54.8	Now, this is going beyond the time-wasted formatting data by hand to provide a tool that allows
0:59.4	companies to do that, particularly for insurers. And it's another in our series talking to
1:04.0	accidental entrepreneurs. And finally, if you still haven't discovered Instec or what we're up to,
1:09.6	and if you're wondering why Robin and I spend the lives talking to fascinating people like Nicola,
1:14.3	as well as the insurers buying this technology,
1:16.5	and you're thinking maybe we could help you, well, maybe we can.
1:20.0	Check out what we're up to at instec.com, come along to event,
1:23.2	or drop us a line, hello at instac.comcom or even track us down on LinkedIn.
1:28.4	Let's see if we're right for each other. Okay. Now, back to Nicola.
1:35.1	Nicola, really looking forward to talking to you. I've got to be careful because I have
1:39.8	this habit of saying this is my favorite kind of podcast, but I really do enjoy talking to people that
1:45.4	have worked in jobs, had a problem, and then gone off and built a business. So thank you for
1:51.1	joining us because I know you've got a lot going on. Yeah, thank you very much for having me.
	...

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