Ep. 280: James Benham: How AI is Radically Changing the Future of Insurance

Apple Podcasts Rate and Review for Spot On Insurance James Benham is an entrepreneur, technologist, pilot, speaker, CEO, and podcast host. He is the Co-Founder of TerraClaim, a company that offers the latest cross-industry data analytics and benchmarking solutions. He also co-founded SmartCompliance, a tracking software that streamlines everyday processes by insurance professionals and is the host of The Insuretech Geek podcast, a show dedicated to the latest insurance technology news and innovations.  James joins us to describe business management best practices, especially regarding short and long-term goals. He shares what it was like growing up in Louisiana with Luddite parents, where his passion for programming started, and how it ultimately led to pursuing an insurance career. He discusses the future of claims management and how AI can streamline the various processes involved. James also describes the emotional rollercoaster of selling a business and shares his best advice on how to handle it. "You have to have a system that's prepared to handle a lot of unstructured data and structured data, and give you easy access to it." - James Benham Today on Spot On Insurance: What it was like growing up in Louisiana and being raised by Luddite parents How James found his passion for programming Pursuing a career in the insurance industry Why James always wanted to play the guitar Identifying when it’s the right time to sell a business Why you become wiser after a recession What James learned from his first start-up The type of challenges James’ team helps their clients solve The future of claims management Improving existing claims technology and data analytics What "Building Mad Scientists" is all about Why no one actually has ‘spare time’ James' advice for effective business management Key Takeaways: Every claims adjuster out there applies discretion to everything they do. You have to focus on the problems your company needs to address, not the next shiny object. It tests your mettle when you're starting a business, especially when you’re barely breaking even. Resources Mentioned: Entrepreneurs’ Organization MCAI Speaker Series - James Benham "Building Mad Scientists: Disrupt your Company with Technological Innovation" Connect with James Benham: James Benham Official Website JBKnowledge TerraClaim SmartCompliance The Insuretech Geek Podcast James Benham on Twitter James Benham on LinkedIn James Benham on Facebook This episode was brought to you by….. Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com. Connect, Learn, Share Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!