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Name: Matthew Kay
Company: Talem AI
What are you building, and who benefits most from it?
Our mission is to modernize insurance with AI-driven impact and injury evaluation solutions, predicting crash speed, injury severity, and treatment cost in real time from the submitted crash photos. This aligns with the industry trend of claims modernization and with the fundamental need to provide empathetic, fast, accurate, and consistent care, from first notice of loss to resolution of the claim.
What is one of your startup’s most impressive accomplishments?
Our company’s greatest accomplishment is building, growing, and commercializing while based in Nova Scotia, a non-traditional tech hub. We’ve built an impressive team and a product that rivals the industry standard, which allows us to work with top-tier insurers and reduce handle time, claim cost, and duration.
What has been the biggest challenge so far, and how did you overcome it?
One of the biggest challenges our company has faced is ensuring the accuracy and reliability of our AI technology in analyzing crash photos. Developing a solution that effectively and consistently detects crash severity and assesses injuries from these images has been a complex task. We have forged key relationships with experts in the field of forensic reconstruction, data analytics, computer vision, and research to help build, train, and maintain our technology.
What tool or app could you not live without and why?
171 founders interviewed so far. Get interviewed in 10 minutes, via a simple form, for free.
A centralized communication tool is necessary for an efficient remote-first company. Effective communication saves time when collaborating and executing on product or business development.
What marketing strategies have worked for you?
The industry we are in still relies on building trustworthy relationships, which is best achieved through in-person events, conferences, and speaking engagements. However, LinkedIn has proven to be a useful secondary tool for building and nurturing relationships, delivering better results than cold email outreach.
What has been your biggest business failure to date? What did you learn from it?
Don’t build a product based solely on your beliefs, hoping you will onboard buyers when it’s complete. Instead, focus intently on the customer’s problem, build a base product that solves the problem, learn with the customer how to scale or improve, and iterate quickly.
What’s the best specific piece of advice you have for other entrepreneurs?
Find an efficient way to evaluate and make objective decisions quickly. This saves the company money and avoids wasting time on tasks that are not critical to the business or provide no specific ROI.
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