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.
Rules of Bootstrapping
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 leader in the industry.
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