In 2000, Paul embarked on his entrepreneurial journey by founding his first startup, which focused on outsourced subsidence claims management. Leveraging advanced geotechnical data and web-based technology, the company revolutionized the claims management landscape, ultimately emerging as a unique type of reinsurer and capturing market leadership by 2008/2009.

Subsequent ventures underscored Paul’s commitment to technological innovation. Conversant Data, founded as his second venture, pioneered fraud detection using data analytics and investigative psychology, delivering exceptional returns on investment upon its sale after just 36 months.

Addressology, established in 2004, was a trailblazer in utilizing LiDAR data to develop address-level risk models for subsidence and flood risk. This groundbreaking approach involved collecting precise surface and terrain data through nocturnal aerial surveys, setting new standards for risk assessment accuracy.

Meanwhile, 360ViewMax, also founded in 2004, specialized in providing 3D imagery for asset management, particularly catering to London local authorities.

As Paul’s ventures matured, most were acquired by larger corporations by 2010. However, his entrepreneurial spirit remained undeterred. He co-founded 360Globalnet, which received seed funding from investors in his previous enterprises. Over the following years, the company solidified its direction, fuelled by significant investments and strategic acquisitions.

One such acquisition included a video technology business from a pre-revenue Australian startup, which bolstered 360Globalnet’s capabilities in incident visualization and informed claims decision-making.

Embracing cutting-edge technologies, 360Globalnet invested in unstructured data technology. This investment, coupled with a commitment to no-code architecture, paved the way for the development of 360SiteView, a groundbreaking claims management platform.

360SiteView stands out as the most advanced no-code platform tailored specifically for the insurance industry. Its versatility extends beyond property and casualty (P&C) insurance to encompass life, health, and various other lines of business. With a global footprint spanning UK/ Europe, Australia, and Japan/SE Asia, 360Globalnet is poised for exponential growth, projected to achieve a 50% increase in 2024.

Paul Stanley’s entrepreneurial journey exemplifies the transformative power of technology in reshaping traditional industries like insurance. Through relentless innovation and strategic investments, he has positioned 360Globalnet as a frontrunner in digital claims management, poised to redefine industry standards for years to come.

Being a global company, how foresee the future of insurance claims?

In line with our business and technology strategy, we anticipate a relentless shift towards fully automated claims processing across all lines of business and customer segments. This transformation necessitates systems equipped with self-configurable rules and logic, enabling seamless adaptation to evolving requirements.

While artificial intelligence (AI) holds immense potential, its effectiveness hinges on the quality of the data it analyzes. Thus, our strategy emphasizes the importance of training AI models on high-quality data to unlock their full potential.

A cornerstone of our approach is the adoption of no-code application building, empowering business management to drive change swiftly and efficiently. By placing the power to adapt directly in the hands of decision-makers, we ensure that rapid innovation is not impeded by organizational barriers.

While automation enhances efficiency, it is essential to recognize the irreplaceable value of human expertise in handling complex claims and situations where human judgment remains superior to machines. Our technology aims to complement human intelligence, providing powerful decision-support tools to augment human capabilities.

How do you keep up the spirits of a big team?

The culture within our organization reflects a profound understanding of the transformative nature of our work, fostering a sense of purpose and commitment among our team members. There exists a deep appreciation for the significant impact our technology will have, driving lasting change across the industry.

Close collaboration between our customer facing staff and software development teams underscores our commitment to understanding and addressing client needs effectively. This synergy ensures that our solutions are not only technologically robust but also aligned with the practical requirements of our customers.

Our team comprises individuals with diverse backgrounds, including many who bring valuable industry experience from the insurance sector. These system configuration experts play a crucial role in bridging the gap between client requirements and technical implementation, leveraging their domain knowledge to drive continuous improvement.

How do you draw the creative capacity of the wider organization into the innovation process?

Innovation is the lifeblood of our organization, and we have established a robust process to drive it forward effectively. Our culture, instilled from the top down, fosters a mindset of continuous improvement and relentless pursuit of new ideas. Management plays a pivotal role in driving innovation, with regular meetings providing a platform for brainstorming and idea generation. This constant dialogue ensures that leadership is actively engaged in exploring opportunities for advancement.

Additionally, innovation often stems from direct interactions with customers. Our configuration teams, deeply embedded in client workflows, serve as a valuable source of insights and feedback. By closely collaborating with customers, we can identify pain points and opportunities for enhancement, fueling innovation at its core.

Our IT prioritization meetings serve as a dedicated forum for evaluating potential initiatives and exploring alternative approaches. This regular cadence allows us to systematically assess and prioritize innovation opportunities, ensuring that resources are allocated effectively.

What impact will be emerging technologies have on your industry value chain?

The cost and complexity of existing systems from larger players in the insurance industry can be prohibitive. However, the adoption of no-code architecture offers a viable solution, significantly reducing costs and implementation timescales. Unlike traditional systems that often require a patchwork of point solutions to compensate for their lack of functionality, our no-code technology provides comprehensive capabilities out of the box, reducing the need for point solutions.

One of the key advantages of no-code architecture is its ability to accelerate development cycles. By eliminating the need for extensive coding, applications can be built up to 16 times faster and at a fraction of the cost compared to traditional development approaches. Moreover, the democratization of software development empowers business executives to drive change and iterate on demand, without being reliant on software developers.

It’s important to recognize that the effectiveness of AI in claims management hinges on the quality of the data it is trained on. Without access to high-quality data, AI algorithms may yield suboptimal results. Therefore, organizations must prioritize data quality and ensure that their AI models are trained on relevant and accurate data sets to realize their full potential in claims processing.

What have you learnt from these successes and failures?

It’s evident that there’s a significant gap in awareness within insurance executive management regarding the transformative potential of modern technology, particularly sophisticated no-code systems. This knowledge deficit often persists due to the entrenched reliance on traditional IT departments, which may resist change due to fear of displacement or perceived threats to their existing organization.

The reality is that modern software development, facilitated by no-code platforms, operates on a fundamentally different paradigm. Instead of manual coding, developers are empowered to assemble pre-built components like Lego blocks, drastically reducing development time and complexity. This shift not only simplifies the IT proposition but also enables the delivery of vastly more functionality at a fraction of the cost.

The challenge lies in bridging the gap between technological advancements and market understanding. While our technology may be several years ahead of the curve, there is a growing recognition of its potential within the industry. As awareness increases, the pace of adoption is poised to accelerate, paving the way for widespread transformation.

What are some general tips for being successful with team startup initiatives?

Absolutely, having a clear understanding and passion for your goals is essential for success in any endeavor. Whether you’re starting a business or pursuing a significant project, this clarity and dedication provide the foundation for progress.

Securing support from friendly customers can be invaluable. Their endorsement not only validates your product or service but also provides valuable feedback and potentially opens doors to further opportunities.

“The Home of Digital Claims.”

“The future of digital claims is here.”

“While automation enhances efficiency, it is essential to recognize the irreplaceable value “of human expertise.”