Instech founders’ forum

25th July 2024

At last week’s Instech meeting in London – Climate and property blind spots revealed” – three entrepreneurs came together to discuss their visions as instech founders.

Host and serial entrepreneur Jeremy Hyams, founder of claims technology solutions business Synergy Cloud and claims outsourcing specialist Claims Consortium Group, began the session by probing each panellist over their purpose and ambition– a key driver for any founder.

Former property market underwriter, Nicola Turner, co-founder, Scrub AI, shared her previous frustration at the need to always manually clean and prepare exposure data – a gripe which drove her to set up a business to tackle the estimated $3-5bn a year wasted by the insurance market on in-house or outsourced teams manually reconfiguring data. Their answer – to leveraging the benefits of AI and machine learning for an automated, human-error free, solution.

Dr Josh Macabuag, co-founder of Renew Risk, is also passionate about his business’s purpose to fill the gap in cat modelling for offshore windfarms. It has since developed the first commercially available cat model for offshore windfarms off of the US coast, to enable the insurance for turbines which are each as tall as London’s landmark Leadenhall Building.

Nicola – true to the tech, build platform so that anyone in any industry can drop in their spreadsheet instantly into a word document – aim so general, – keep learning, new –

And the ultimate vision?

For Nicola, whilst the next stage is to develop a no-code solution to enable clients to customise their output formats for integrate with their own, often bespoke, systems and processes – but to be true to the tech and for the solution to be applicable by anyone, to any data, working anywhere.

And for Josh, the ultimate vision is to revolutionise risk analytics for renewable energy and enable a real transition to sustainable wind farming around the world.

With passion, purpose and a growing market for both businesses the future certainly looks bright.