Scout InsurTech Interview with Deep Vector

Deep Vector is a web-based software platform. They seek to transform unstructured documents into actionable insights with speed and precision. Chris Luiz sat with Co-founder and CEO, Scott Knowles, to learn more about how Deep Vector is impacting the industry.

Who are your clients?

Our target clients include carriers, brokers, risk managers, MGAs, MGUs, consultants and insurance consultants—essentially anyone who needs claims data. This includes individuals at the broker level, such as CSRs, insurance producers and principals looking for a comprehensive view of their data. At the carrier level, underwriters are the primary users, although some leverage our platform for processing and data analysis. Additionally, even software companies integrate our solutions when they need claims data capabilities.

What does your product do?

Our product enables users to efficiently access, analyze and utilize claims data. Primary use cases include generating group summary reports, organizing data by year across multiple policies and creating presentations based on claims information. We simplify complex data extraction and analytics, allowing clients to identify key insights. Additionally, our platform is embedded in other software solutions to enhance their claims data capabilities.

How much capital have you raised?

We have raised approximately $1.8 million.

Was the company born from within or outside the industry?

The company was founded from within the industry.

What growth metrics have you accomplished over the last 12 months?

Over the past year, we have added approximately 60 new clients and now have almost 500 users on our platform. Among those, 40 of our clients are ranked within the top 100 brokers in the country.

Within your domain, what is the current challenge that the industry is facing?

One of the major challenges in the insurance industry is the lack of accessible, real-time claims data that allows companies to understand and manage the cost of claims effectively. There’s no universal solution that seamlessly integrates claims insights across carriers, brokers and clients to help mitigate risk and reduce premiums. Communication gaps between carriers, brokers and clients further complicate the process, making it difficult to implement data-driven decisions that lead to cost savings and improved profitability.

How does Deep Vector take a unique approach to providing value?

We focus on making claims data easily accessible and actionable. While most software solutions in the industry are complex, we prioritize simplicity and usability. Our intuitive UI ensures that clients can quickly understand and extract value from their data. Additionally, our customer service is a standout feature—users receive responses in under a minute through our intercom system, and we maintain an exceptionally high retention rate. Ultimately, we listen to our clients and continuously adapt our product to meet their needs.

What inspired the team to start this company?

The inspiration came from recognizing a clear problem in the industry and seeing an opportunity to solve it. We identified a gap in how claims data was being processed and leveraged, and we believed we could create a solution that would make a significant impact. While financial success is always a factor, the driving force was the need to build a product that addressed this industry-wide challenge. Bootstrapping and leveraging past experience, we took the leap to develop and scale a solution that the market genuinely needed.

Can you share any goal(s) for the next 12 months?

Our primary goal is aggressive growth. We want to establish our platform as the must-have software for insurance producers, brokers and carriers. We aim to be the go-to solution for claims data analytics and extraction. Additionally, we are focused on expanding our product capabilities, particularly in analytics, to enhance the value we provide to our clients. Achieving widespread industry recognition and adoption is a key milestone for the next year.

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