Jason talks to Jacob McGraw from Sikka.ai, a fintech company specializing in API platform services for dental support organizations (DSOs). DSOs are large firms that operate numerous dental practices. Jacob discusses Sikka.ai’s innovative underwriting methodology for insurance companies and explains the company's value proposition.
Episode Highlights
- 01:00: Jacob explains the operations of Sikka.ai The company collects data from dental practices to underwrite life insurance applicants.
- 03:13: The company's API platform integrates with over 92% of the practice management systems used by these dental clinics, making it easier for DSOs to manage their operations.
- 04:45: Jacob highlights the power of taking data from oral health practitioners since oral health often serves as an indicator of other medical issues.
- 07:12: The current reliance on self-reported information in traditional underwriting can lead to inaccuracies and misclassifications. With Sikka.ai’s dental data integration, these issues can be addressed, leading to a more accurate assessment of risks, especially related to smoking habits.
- 08:56: Jason and Jacob discuss how the fear of rejection has created a negative stigma around insurance applications.
- 10:50: Jacob provides a practical example of how the risk model is used to differentiate risk within different preexisting conditions.
- 17:10: The real-time data sources and API platform provided by the company are relatively new and novel to insurance companies, which are typically not accustomed to real-time processes.
3 Key Points
- Jason and Jacob discuss the novelty of using dental data for insurance underwriting and acknowledges the value of alternative data sources in the insurance industry.
- The significance of dental data in insurance underwriting lies in its ability to offer valuable insights throughout an individual's life, regardless of their age or prior oral health practices.
- Jacob explains how their focus is on improving the underwriting process by reducing the need for additional tests and enhancing the speed and accuracy of risk assessment.
Tweetable Quotes
- “Sikka.ai utilize two main products for this purpose. The first product includes indicators for pre-existing conditions like tobacco use, kidney disease, hypertension, hyperlipidemia, etc. Among these, the tobacco indicator is the most crucial, providing significant protective value per hit from exam one. The second product is mortality risk scores for life insurance underwriting, powered by procedure codes and the frequency of dental procedures performed per calendar year. These procedures help assess and understand mortality risks for potential life insurance applicants.” – Jacob
- “Data can be viewed as Swiss cheese, with holes representing missing or incomplete information.” – Jacob
- “Starting from a certain point in technology often influences a country's willingness to embrace new advancements.” - Jason
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