Building AI-driven insurance policy review startup - Chris Cheatham

Data Transformers Podcast Building AI-driven insurance policy review startup - Chris Cheatham 1x 00:00 /

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Building AI-driven insurance policy review startup – Chris Cheatham

' /> Apple Podcasts Google Podcasts Spotify Stitcher https://youtu.be/V7sZUOutGFY Episode Title : 40+ years of data experience in 30 minutes with Peggy Tsai and Ramesh Dontha Episode Summary: The kickoff episode goes into the professional and personal lives of the co-hosts Peggy Tsai and Ramesh Dontha. Who are they? What have they been doing before the podcast? Why do they want to do a podcast? Where did they meet? What do they want to accomplish with Data Transformers’ Podcast? Topics discussed in this episode:

• Automated process to review legal documents (3m:00s): The pain of having to pore over hundreds of claim documents manually and issues with existing software forced Chris and team to build their own software using machine learning techniques.
• Customer feedback for first pivot (5m:00s): Customer feedback helped Chris and team to pivot their company to develop an insurance policy review software from what used to be an insurance claims software.
• Need for AIML software for policy reviews (9m:00s): Polciy holders don’t usually know what is covered in their policy or not covered. Underwriters also don’t what their competitors are covering. AIML with NLP will go thru all these documents and different terminologies and quickly summarize the findings.
• How a lawyer pivoted into AIML software? (12M:00s): Chris learned about Technology Assisted Review (TAR) and how it helped sift through a large volume of documents. Also, the outsourcing of work to cheaper places forced Chris to think about using AIML to enhance TAR capabilities and also do the work cheaper.
• Why classification and data tagging is important (16M:00s): Chris noticed that most of the insurance taxonomy is not classified/tagged and he took that opportunity to label the data properly. The more data they labelled, the more valuable the company Risk Genius became.
• Going vertical or horizontal (19m:00s): Chris talks about the differences of going vertical by digging deep into commercial insurance versus horizontal across other industries with their technology. He prefers to go deeper as there is plenty of opportunity there.
• LinkedIn influencer: How (22m: 00s): Chris has a large following on LinkedIn and he talked about how he acquired the following. He talks about publishing regularly on insurance and how LinkedIn reached out to him to make him an influencer. He mixes fun stuff with professional to engage with his audience.
• Influencers in his own life (29m:00s): Seth Godin was the major influencer for Chris. His marketing program really helped him. Chris wants to focus more on written word and focus on a minimum viable audience.

Resources mentioned in this episode: Podcast website: https://DataTransformersPodcast.Com Ramesh consulting website: https://DigitalTransformationPro,COm

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