InsTech - insurance & innovation with Matthew Grant

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

Sep 8, 2024

Nicola Turner, Co-founder and COO of Scrub AI, shares her journey from underwriter to entrepreneur, driven by the need for better data tools in insurance. She discusses the costly and time-consuming challenges of manual data cleaning and how her platform automates these tasks. Nicola emphasizes the transformative role of AI and technology in data management, the intricacies of raising funding for a tech start-up, and the importance of work-life balance. Her insights on co-founding and building partnerships are both inspiring and enlightening.

34:24

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Nicola Turner

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Quick takeaways

Nicola Turner's transition from underwriter to entrepreneur underscores the importance of identifying persistent problems to drive innovative solutions in data cleaning.

The adoption of AI and machine learning by Scrub AI illustrates how technology can transform traditional data management challenges in the insurance industry.

Deep dives

The Problem of Messy Data in Insurance

The insurance industry faces significant challenges with data management, particularly concerning data cleaning and preparation. It is estimated that three to five billion dollars are spent annually on these inefficient processes due to the reliance on manual data handling, which is both slow and error-prone. Many insurance companies employ large in-house teams or outsource this work, but the inherent complexity and variability of data formats, primarily stemming from the use of Excel, exacerbate these issues. The need for an automated solution to streamline these tasks has never been clearer, highlighting a gap in the market that technology can fill.

Intro

2min

Navigating Data Cleaning in Insurance

12min

Navigating Property Insurance in the Global Market

2min

Managing Insurance with AI and Data Segmentation

15min

Flexible Solutions for Effective Data Management

2min

Exploring Community Engagement and Future Expansion

2min

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.

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 cpd@instech.co 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.

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InsTech - insurance & innovation with Matthew Grant

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

Episode guests