Season 2 Episode 14
Season 2 Episode 14
James Benham is a serial entrepreneur, technologist, speaker, podcast host and pilot who is helping lead the insurance industry into the next age of innovation. As the CEO of JBKnowledge, James and his team have served as strategic business and technology advisors and as software development partners over the past 20 years. James has led the development of technology for some of the largest insurance carriers, brokers and TPAs in the world, helping them build award-winning insurance ecosystems.
James is also the co-founder and CEO of two disruptive InsureTech companies: SmartCompliance—a top insurance certificate tracking and compliance management software that collects COIs, automates renewals and ensures compliance; and TerraClaim—a cloud-based claims management software that improves claim outcomes for providers and consumers of Property and Casualty (P&C) insurance.
James started his journey as a tech entrepreneur in his Texas A&M dorm room in 2001 and has harnessed his passion for innovation to bootstrap multiple businesses to financial sustainability. James’ most successful bootstrapped exit occured in 2018 when he and his team sold their construction bid management software, SmartBid, in a groundbreaking deal with ConstructConnect.
James is a sought after consultant and speaker at the forefront of innovation in the insurance industry. His no-nonsense style and love for “geeking out” on technology has landed him keynote opportunities on over 400 conference stages in the last 15 years.
James is also the host of the growing 70+ episode show, The InsureTech Geek Podcast, where he interviews leading industry experts including the Chairman & Co-Founder of InsureTech Connect, Caribou Honig, and AXA XL executive, Rose Hall.
When James isn’t working hard on improving companies—his own or his clients’—he keeps himself busy as a Regent at Texas Southern University or with his many hobbies as a pilot, musician, Star Trek fan, tech gadget aficionado, and Lean Methodology “life hacker”.
James Benham is the co-founder and CEO of JBKnowledge and is back today for Part 2 of his original conversation with Ryan. Diving into the topics of machine learning and blockchain usage in the insurance industry, Benham gives us a broader scope of understanding of how the future may look. From new encryption technology to predictive analytics, you won’t want to miss this episode of the Insurance Leadership Podcast.
The heart of the insurance industry has always been data and analysis, predictive analytics is the fundamental element of every insurance business. Benham expands the conversation with this type of data and machine learning so that we can better understand and keep pace with advances in technology.
James recognizes the growing dilemma is how to manage and make sense of all this information while providing data-backed decision options that we can weigh against one another.
Predictive Analytics looks at the contributing data to help us make better decisions on what reserves we set for the future treatment plans.
Although the insurance industry now has the technical ability to significantly utilize blockchain, James harps there will need to be rules of play. The agreements of its implementation and regulatory protections must be integrated before brokers participate while minding the risks.
However, James expresses how great it would be for the industry if all the brokers unite and formed a blockchain to at least prevent repetitive work.
Blockchain is the underlying technology that enables crypto, like Bitcoin and Dogecoin, to happen.
What is bootstrapping? Bootstrapping or being bootstrapped is commonly referred to as a business being built using the personal finances and rules of its founders.
James’ definition was learned from his dad from an early age of a set of hard and fast rules about business. Bootstrapping has taught him the lessons of using your own resources and processes to be successful in business.
Focus on creating a culture of learning from your mistakes to innovate and grow a business- so you can build what you what to build on a minimal budget. That’s bootstrapping!
Be sure to tune into next month’s episode as we continue our discussions with the best leaders in the industry.
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