Groundspeed is a data analytics company. They are dedicated to insurance technology solutions, or insurtech. Below is our recent interview with Jeff Mason, CEO & Founder at Groundspeed:
Q: Jeff, could you provide our readers with a brief introduction to Groundspeed Analytics?
A: We focus on the insurance industry and we serve insurance agents, brokers, carriers and managing general agents (MGAs) in the property and casualty market. Groundspeed addresses the problems that “unstructured” data causes for organizations. Unstructured data is associated with PDFs, images, emails, Word, and Excel files. These are commonly loss runs, exposure schedules, policies, binders, and quotes. Using machine learning and other heuristic methods, Groundspeed automatically structures the unstructured so that this information can be readily used by organizations. Our technology simplifies client stewardship reporting through automation, streamlines the underwriting submission process via file transformation, and enables analytics for brokers, carriers, and MGAs.
Q: Can you tell us why you founded the company?
A: After running an MGA for fifteen years, I had seen almost every kind of insurance file imaginable. Each time we encountered these files, manual effort was required to extract vital information and analytics was almost impossible. I saw underwriters and brokers alike struggling to control the data flowing through their organizations. I knew that there had to be a better way to eliminate these manual processes to make use of all the data at hand. Groundspeed has used available technology to make this possible.
Q: What is the biggest challenge you’ve faced in launching your business and how did you overcome it?
A: I started the company with a vision to unlock the insights trapped in the industry’s unstructured files. The marketplace had struggled for years to accomplish this task effectively. The biggest challenge we faced in launching Groundspeed was developing the right technology and combining this with insurance expertise in a unique way to address a difficult market problem.
Q: What differentiates Groundspeed from its competitors?
A: Groundspeed differentiates itself by (1) infusing deep property and casualty insurance expertise into our technology, (2) seamlessly integrating our solutions into our clients’ existing workflow and systems and (3) by customizing our solutions to uniquely fit clients’ needs.
Q: You’ve recently announced several executive leadership appointments; could you tell us how these individuals will impact Groundspeed?
A: The new executive leadership appointments were made to elevate Groundspeed to the next level. Every day we receive a greater influx of new work, and these leaders are aiding in the transformation of our company as the workflow grows. Naming a new CSO, CTO, and Director of Data Engineering will accelerate major growth in our organization as a whole.
Q: What can we expect from Groundspeed Analytics in the future?
A: The Groundspeed journey has been an amazing one. We are engaged with the largest brokers and insurance companies in the country. We also provide flexible solutions for regional brokers and insurers. As we continue to grow, we are preparing new solutions for the insurance marketplace’s most complex data challenges. We believe that we are just now scratching the surface associated with the power of this data and our solution for our clients.