SNEAK PEEK: Pre-podcast interview with Rock Schindler, founder and CEO of SDRefinery AI
How would you describe your company?
We eliminate the greatest weakness in insurance carriers today by creating a new perspective into their customers and core operations. We do this by accessing the treasure trove of knowledge unstructured sentence data accumulated and refreshed every day by agents, underwriters, risk services and claim professionals.What is the most misunderstood aspect of the problem(s) your company is trying to solve? What are the implications of those misunderstandings?
Insurance carriers have been lulled into believing that more and better systems are the answer to break-through success. Systems don’t create results. People do . So, while back-office systems are important, the key to breakthrough success for carriers is rooted in being able to identify, measure and understand the judgment applied to underwriting and claims. Equally as important is being able to identify quickly and efficiently claim activity that does not match up with the risk that was underwritten. All of these answers are found in the unstructured sentence data.Let’s get controversial…what solutions do you find overrated and why?
While machine learning is a great tool for many things, it is not the best solution for working with unstructured sentence data. It does not handle the jargon, negations and subjunctions that proliferate written documentation. A great example of this is Google, the ultimate machine learning tool. When you type in a question, it focuses on the noun phrases rather than the verbs and it gives you the content that the vast majority of users request. And, even if you re-word the question, it gives you almost the exact same content. So, machine learning is a fantastic tool used for the right things. Obtaining granular information about operational events and activities in context (happened, did not happen or may happen) requires a more robust and complete solution like Sentence Data Refining.Aside from “everyone”, who is your ideal customer (the one that can most benefit from your solution)?
Insurance carriers writing commercial coverages with a slant towards casualty, specialty and lines that have a lot of bodily injury claims. The reasons for this: 1. There is a lot more judgment deployed on these lines than other lines. Accordingly, there is more unstructured data to support the significant decisions being made around events and activities, and 2. There are more changes and customization to coverages in these lines. If you knew the risk perfectly, then the perfect system could be designed to administer policies and claims. Risk is imperfect and continually changing. All of the information needed to make good decisions quickly and efficiently is captured in the sentence data created by agents, insureds, underwriters, risk services, and claims.If you were seeking funding, why should an investor make a bet on your company?
SDRefinery AI is exclusively focused on solving the biggest weakness in the industry today. Nobody else has the level of focus, the innovative, proprietary technology or the depth of experience on the management and leadership team to match our organization. We are perfectly situated to become a dominant force in the industry.