How this CEO is combining artificial intelligence and human creativity to revolutionize his industry


Opinions expressed by Entrepreneur contributors are their own.

Raised by a businessman father and an opera singer mother, David McFarland learned the art of mixing creativity and pragmatism early on. He originally pursued a history degree, but a single philosophy course sparked a love for mathematics.

With a newfound passion for mathematics, McFarland switched his major to actuarial science, a field where complex numbers and risk meet real-world application. Little did he know that this would lay the foundation for his future as a CEO who would bring a new approach to the traditional world of insurance.

In this episode of Founder CEOwe sit down with the founder and CEO of Coterie Insurance to learn how a combination of bold vision and a deep understanding of data led him to create one of the most innovative companies in the insurance space.

Related: 'Don't Just Leave the Work – Do the Work': How This Women's Healthcare CEO Leads with Passion

An unlikely entrepreneur

By the time McFarland entered the insurance industry, he had gained experience at both legacy companies and startups. It was during his time at the National Council on Compensation Insurance (NCCI) that he saw a glaring gap: small businesses were often underinsured or uninsured because it was too costly for agents and companies to serve them.

This realization sparked an idea. Can data and technology make the insurance process more efficient and accessible for these businesses? In 2018, with a family and children at home, McFarland took the plunge and founded Coterie Insurance to solve this very problem. Today, Coterie uses the latest technology to reduce the time it takes to secure insurance from hours to minutes.

An AI-driven vision

As Coterie grew, McFarland's vision expanded to include artificial intelligence. He sees AI as a game changer, not just for his company, but for the entire insurance industry. While some fear the displacement of jobs due to AI, McFarland believes it will usher in a new era of innovation. He compares it to the advent of the combine that transformed agriculture by making processes more efficient, thereby opening up new industries and opportunities.

“AI will replace many of the mundane, repetitive tasks, allowing us to focus on higher-value work,” says McFarland. For insurers and actuaries, he sees the future as a collaboration between humans and AI, much like today's best chess players collaborating with computers to outperform even the most advanced software.

Related: Top 5 AI tools that can revolutionize your workflow and increase productivity

Navigating the Founder to CEO Transition

The transition from founder to CEO is not easy. Many entrepreneurs struggle when their companies outgrow their rocky start-up stages. For McFarland, it was about finding the right balance between innovation and commercialization. He points out that once product-market fit is achieved, it's time to shift gears and focus on scaling in a financially sustainable way.

“I realized that some of my team members were better suited to early-stage guerrilla warfare, while others were better at scaling operations,” McFarland explains. Making tough decisions about team composition is part of evolving as a leader, something McFarland has learned through experience.

Related: He founded a company that was acquired by Angie and now he's disrupting CPG. Here are this CEO's strategies for innovation and scaling.

Coterie's bright future

Today, Coterie is one of the fastest growing companies in its country, providing small business owners with the insurance they need quickly and easily. With 50% of small businesses uninsured, McFarland sees a massive opportunity for growth. He envisions a future where small business owners no longer have to worry about being financially devastated by unexpected events.

Related: How a single PowerPoint raised $300 million for this founder



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *