Tom Wilde, CEO: Indico Data: Better decisions with better data (292)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 3 March 2024

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

“This economy we are heading into [...] we are referring to as the decision economy”. Robin Merttens spoke to Tom Wilde, CEO of Indico Data on how the company's intelligent intake solution is shaping the decision-making process in the insurance industry by structuring unstructured data. Data is important in our current 'decision economy'. Indico Data applies generative AI to help insurance companies handle complex and high-volume data challenges, particularly in commercial and specialty lines. Covering the AI hype cycle, the concept of hallucinations and avoiding hyperbole, tune in to hear Tom Wilde discuss generative AI and why it is an important language for insurers to utilise. Key talking points: Founded by undergraduates - how Indico Data started In the hype cycle - avoiding hyperbole and thinking rationally Defining generative AI - not an application but a language Indico Data's role in the insurance industry - the data problem Programmed with the user in mind Specialising in commercial insurance Indico Data’s decision to enter the UK market - and off-siding with some football anecdotes If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] 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: Specify why capturing the right data as quickly and as accurately as possible is significant in insurance, to drive correct decision making Explain the term hype cycle and what this means in terms of generative AI Summarise what companies have to focus on when entering a new market 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 292 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	I think that everyone now understands that data is one of any company's most important assets.
0:07.4	So I don't think anyone needs convincing of that.
0:09.2	I think the question now is, do you have the right technologies and products in place
0:13.8	to capture as much data as possible that is in the market to use to your advantage?
0:27.6	Yeah. in the market to use to your advantage. Good morning, good evening, wherever you are, and whatever you are doing, delight that you could join us, Matthew Grant here,
0:33.3	but you're only going to hear for me very briefly today because I'm delighted that Robin Merton's is back in front of the microphone talking to Tom Wilde, CEO of Indigo data. It can be
0:43.5	talking about how the company is helping bring data in for commercial insurers, what they're going
0:48.7	to do with that and how they're using generative AI. So lots of things in that. I don't want to
0:53.1	spoil it. You can going to have to listen
0:54.2	to what Robin and Tom are talking about. But if you want to hear more what we've got going on
0:58.9	at Instat, of course, you can find out all we're doing reports, events, podcasts, everything else,
1:03.8	www. www.com. That's it. Over to Tom and Robin.
1:14.3	I've got Tom Wilde, the CEO of Indico Data with us today. Tom, thank you very much for joining us.
1:19.7	Hi, Robin. Great to be here. Thanks for having me. We've got a description of Indico data on our website.
1:24.1	We call you an intelligent intake solution that enables commercial insurers to streamline
1:29.0	claims and underwriting workflow, and that the solution is designed to help subject matter experts
1:34.0	make faster, more accurate decisions. Is our website accurate at this point of time? Yeah,
1:39.3	that's very accurate. I think that we have a strong view that in this economy we're heading into, which we're sort of referring to the decision economy, the data is still the critical raw material for that.
1:51.9	We have unprecedented access to decision capabilities through machine learning and now generative AI.
1:58.7	But it doesn't change the fact that the data itself drives the
2:02.3	success of those decisions. Oh, we're going to come to that in more detail in a minute. Now,
2:06.0	you're the CEO. Have you been there from the start? What's your history with the company?
	...

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