E127: Scott Knowles On Scanning For Losses

In this episode, James talks with Scott Knowles, Co-Founder of Loss Scan.

To learn more about Loss Scan, visit https://lossscan.com/.

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Episode Highlights:

• Scott mentions that he has been in sales for a long time, starting with a food broker and then transitioning to insurance. (3:13)
• Scott shares his experience with a potential acquisition and the cautious approach he took in sharing information with a direct competitor. (9:57)
• Scott discusses his decision to start a new business venture in the insurance industry called Loss Scan, which aims to solve the problem of extracting data from loss runs accurately using an algorithm. (15:56)
• Scott explains that the advantage of running a SaaS company for 12 years before being acquired is the deep understanding of building a solid foundation and implementing necessary security measures, allowing for quick growth and success in launching a new product. (18:36)
• Scott discusses the primary core of Loss Scan which is to extract data from loss runs of any company and present it in a format that can be downloaded as a CSV file or viewed visually in a dashboard, making it easier for producers to review and analyze loss runs with clients. (22:11)
• Scott encourages listeners in the insurance industry to embrace technology, make investments, and utilize products that can save time, and money, and provide accuracy, specifically mentioning Loss Scan as a potential solution. (36:29)

Key Quotes:

• “Listening to your customers, no matter what company, know what business you're doing, whether you're a broker, or InsureTech, SaaS company, use your ears and listen. Listen to what your customers are saying, listen to what their needs are, if you want to grow your platform in the right ways and be able to, you know, pinpoint and provide a product that's going to solve a problem.” - Scott Knowles
• “If you're out there producing on a day-to-day basis, or you're an underwriter or whoever you may be, embrace the technology that's out there, you know? Don't close your mind to what type of technology can help you. Don't be afraid to make the investment.” - Scott Knowles