Our Startup Spotlight this week is Emerge.
Emerge helps insurance companies to make money from insurance operations. We do this through a SaaS solution that delivers bespoke machine-learning models across the customer value chain. Our models are very accurate and quick to build. We work in partnership with consulting companies and/or directly with corporates.
Can you introduce yourself?
I’m Laurence from Emerge. Together with my partner, Danny, we are co-founders of the business.
What does Emerge do?
Emerge uses corporate data and our proprietary software to build machine learning solutions for corporate companies that adds value to their operations.
How is Emerge changing insurance?
Insurance worldwide is very inefficient. Most insurance companies don’t actually make money from underwriting profit, most of it is actually from investment profit. It’s important to find pockets of value throughout the insurance chain. So what we do with our models, is we find pockets at the beginning—optimizing the right marketing campaigns to go after, finding the right sales people to look at, reducing fraud later on in the claims process, finding people who are likely to leave and getting an opportunity to identify those people in advance and try to build relationships with those clients and make sure they stay. So if you can do all of this across the value chain, there is an opportunity to really enhance the underwriting profit of a company, making it much more efficient and delivering real value to the insurance industry.
We are 23 days left until Demo Day, what is something you’ve learned so far in the program?
That relationships are really really important. We’ve spent a lot of time building relationships over the program, and it’s something that’s been really important to us.
Pizza or pasta?
Laurence: The cheese. It’s gotta be the cheese.
Penny: Yes, it’s all about the cheese. Parmesan? Mozzarella?
What piece of advice would you give to other future entrepreneurs?
I think an important part of any business is knowing what you want to achieve. And by that, I don’t mean what the business does or the day-to-day operational business. I mean, the vision. Some sort of bigger picture that you’re trying to make a difference in.
Laurence, I always see you in the office. Whenever I come in, you’re always in. Are you a morning or a night person?
I think I’m a night person. Late owl.
Is what you’re doing now your ideal job?
Yes, I think I’d be happy doing this in twenty years’ time. I’m enjoying the journey with my partner, Danny. We’re enjoying making an impact in corporate business and our plan is to make a difference in lots of things, and the technology we’ve built is something that we believe can do that. If I finished working at the end of my career doing what I’m doing now, I think I would be satisfied.
And how much do you miss Danny?
A lot. We speak every day, but it is important to have him here. I’m looking forward to him getting here, and we’re ready to finish the journey together.