I’ve always been an entrepreneur. Either consciously, or just by habit, I have always looked for more advanced solutions to solve problems. From when I was living on a farm as a boy to this very day, finding innovative ways to add value has always been front and center for me.
In 2016, after a successful business exit for a start-up I had been developing, I was on a mission to find a new project. I knew that I wanted to tap into a larger market and was also interested in the opportunities presented by big data and technology. While on this mission, I was introduced to Harish Neelamana.
Harish had an extensive background in the insurance industry and saw firsthand the need for a streamlined underwriting process within the commercial P&C space. Together, we came up with an idea to take the traditionally lengthy underwriting process and expedite it by combining artificial intelligence and machine learning. Nearly 60% of today's commercial underwriting process is taken up with administrative work, such as manually searching for and keying in data. We knew that if we could expedite this process, we would not only save underwriters time, but also save the insurers money.
Our idea was bold: Break into an industry that traditionally, takes time and relationships to enter. In the beginning, all we had to rely on was our platform and the support of our friends and family. When I say support of our family, I mean it. Early on, there was a time when I had to borrow money from my wife so we could make payroll!
Now, almost four years later, we have raised nearly $18 million in funding, built a business with strong revenue growth and are looking to double the size of our team in 2020 to 100.
We were able to prove that by utilizing big data and technology, there is a more efficient way to underwrite P&C policies. Today, we look forward to the other parts of the insurance value chain that our technology can make more efficient. There is immense opportunity within the insurance industry to move away from traditional processes and adopt new optimized ways of decisioning to conduct better business.
It is an exciting time to be a part of the DataCubes team as we are constantly pushing to provide the most innovative solutions for our clients. To the next step!