AI for Services Podcast Episode 4: A conversation with Scott Nelson, Founder, CEO and Chairman of Sweetbridge
AI for Services has launched a podcast series to share the personal stories of the founders who are leading the development of the awarded projects. In the first four episodes, Astrid Ayel interviews the Enabling Data Access Competition winners.
The Future of Insurance and Risk Management
Scott Nelson is CEO of Sweetbridge and founder of the KnowRisk Consortium. The consortium combines information from accounting and audit, corporate ERP systems, insurance and legal information, enabling risk to be managed in real time across the supply chain.
The Covid health crisis and associated shortages of goods, including PPE, has highlighted why supply chains matter. In this podcast, Scott explains how the KnowRisk Consortium is building the infrastructure to manage and insure supply chain disruption risk. The consortium is made up of specialist technology partners in Distributed Ledger Technology, Artificial Intelligence and Satellite technology that work collaboratively to produce a digital twin of the risk factors and to distribute the relevant information to the different actors of the supply chain ecosystem.
Scott provides a property example: insurers are only able to physically assess about 10% of the properties they underwrite. KnowRisk can radically improve this score by bringing in a variety of data sources, such as satellite observations, and in real time, provide a much tighter understanding of the risks of natural phenomena such as storms and fires.
His biggest achievement in the last twelve months has been joining Lloyds Lab. The developments from work there are heralded to be the future of insurance and risk management.