Slicing and Dicing Loss Data with Scott Knowles, Episode #249

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Scott Knowles, CEO of Loss Scan. Scott discusses the features of Loss Scan, which uses AI to turn loss runs into data, and how it could benefit the insurance industry.

Episode Highlights:

• Scott shares his background in the insurance industry, and how they developed an AI system that can extract information from loss runs. (4:01)
• Scott explains that the goal of their software is to provide efficiency and convenience to brokers, carriers, and the insurance community. (7:13)
• Scott mentions that part of the system that they are developing and building out will actually have the capability of building an API. (14:13)
• Scott believes that the success of software solutions depends on the understanding of the needs and mentality of those in the field, particularly producers and underwriters. (19:13)
• Scott expresses excitement about the potential impact of their product and how it can make a huge difference and change in the industry. (23:58)
• Kyle discusses the importance of effective communication in the workplace. (31:15)
• Scott explains that the successful brokers in the insurance industry are those who centralize all their applications and internal processes, creating a consistent process that they use day in and day out. (33:41)
• Scott shares that one of his goals is to potentially have his own podcast to talk about nothing but the InsurTech that is available for producers. (35:57)
• Scott believes there is a lot of opportunity for innovation, but the problem is that many people don’t know how to fulfill the obligation and take it to the next step. (39:22)
• Scott discusses the emotional experience of leaving Modgic.  (48:50)

Tweetable Quotes:

• “There’s just really some really cool phenomenal ways that we’re going to address this marketplace and just provide so much efficiency to the brokers to the carriers, and to the community itself. So it’s pretty exciting.” – Scott Knowles
• “All we’re doing right now is we’re literally building our UI behind the system itself. Obviously, you know, we have an incredible algorithm that we built and developed.” – Scott Knowles
• “One thing that you know, I’m going to focus on, aside from Loss Scan is I really want to create kind of an atmosphere and a community around the technology that drives the insurance industry.” – Scott Knowles

Resources Mentioned:

• Scott Knowles LinkedIn
• Loss Scan
• David Carothers
• Kyle Houck
• Florida Risk Partners
• The Extra 2 Minutes