Josh Butler Interviewed by Matt Connolly of Sønr Global at InsureTech Connect. Learn more about CompScience at http://CompScience.com and read the transcript below.
Matt: Now take a few wherever you are comfort. So rather than me do a terrible job at describing your business, how about we start with the very first question of tell me about CompScience. That wasn't a question at all. Who is CompScience? That's a question.
Josh: Well, thank you all for being here this morning, really an honor. Thank you for having me. So CompScience, it's actually a very personal endeavor and I think most entrepreneurial journeys are. Most of my career, I've been working on AI related products, whether in ad tech, which actually reminded me a lot of insurance when I started getting into this super thick, complicated value chain business where the majority of the money that flows through it is wasted and we don't know which half is wasted. There's a quote, a famous quote, that is in line with that. Most recently, I was in self-driving cars. That's where I really started to go deep on building enterprise scale, AI perception platforms, and my first experience working with insurance companies, but in road safety. And I was inspired to create CompScience while I was running that product team at Neo.
And my father-in-law had an accident on a construction site. It was totally preventable. It ended his career and I saw the impact that an accident like a workplace accident can have on, not just an individual and their physical health and mental health and their community and family and all those things, but I knew that we could do better. I knew that this was preventable and I knew that the technology I was working on for self-driving cars, which has had a tremendous investment, tens of billions of dollars recently, pushing forward was possible with perception AI. I knew it was possible to do better. I think when you start a truly innovative startup, you have to be a little bit naive about how hard it's going to be.
Matt: I think it helps, right?
Josh: You have to be a little bit naive. I didn't know that we were going to build an insurance company at the time. I knew that we were building an analytics platform and we were going to analyze CCTV video, these existing camera systems using the data from existing camera systems that now are present in most workplaces. And I knew that we would be able to understand the risks better than a traditional inspection report that a loss control person would be able to do going on site for an hour or two. I did not realize that we'd actually end up building an insurance company. But over the last two years or so, we launched an MGA backed by Nationwide and Swiss Re, and now we offer insurance to this really blue ocean middle market in my opinion, with a completely unique product out there that frankly, no one else has been able to build yet.
So we are largely an MGA selling workers' comp in the middle market and fundamentally changing the relationship between the underwriter and the loss control team and the end client really attacking, I like to say, attacking the indemnity of the source, really attacking the risks before they turn into accidents. Not focusing on distribution or even just efficiencies of delivering the insurance, but really focusing on the risk itself. And then we also do offer the services to Global 2000 directly, but that's a different side of the business for us.
Matt: Love it. Guys, check the CompScience out. So yes, in the report, but on the side of it's an amazing product and business and one that I would like to get in deeper to myself. But for me, it's a really fascinating thing around how many businesses are coming into the world of insurance. So even the term InsureTech I really struggle with and I appreciate here we are InsureTech Connect, right? It's a phrase which is too restrictive because the world of insurance is so incredibly broad. At what point, you talk about setting the business up, maybe not having the vision to be setting up an insurance company. What was the moment in time for you that you went, huh, there's a great big industry out there that is going to be wanting this from us?
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