Ep. 200: The Significance of Managing your Pennies

by | Jan 19, 2021

Tim Christ is the Vice President of Growth at Claimatic, a SaaS insurance claims app that streamlines claims distribution in real-time through proprietary algorithms. Claimatic provides claim assignment services, end-user empowered rules optimization, advanced mapping, and workforce management among other services. He has over 20 years of experience in executive leadership, management consulting, and business development roles. Tim is also the author of Outgrowing QuickBooks, where he discusses how business owners can redesign and re-engineer their small business into a medium-sized business.

Tim joins us to discuss the problems Claimatic intends to solve with their advanced algorithms and data-driven streamlining platform. He describes how a small business can scale without losing efficiency or money. He explains the difference in management between a small and medium-sized company. Tim also shares how the pandemic of 2020 has altered the way claims are processed and discusses the risks of relying on spreadsheets to track your finances.

“Your business is part of the reflection of what you feel is your self-worth.” – Tim Christ

What you’ll learn:

  • Tim’s opinions on the average American’s financial status.
  • The problems Claimatic wants to solve and how they plan to solve them.
  • When you should let your team manage your business for you.
  • Why we should learn how to manage our pennies.
  • How to avoid business inefficiency as you scale.
  • What can happen to your business if you don’t have a strategic plan.
  • Internal controls and why small businesses don’t have them.
  • How hiring a CFO can benefit a growing business.
  • Why Tim doesn’t believe the claims industry has a talent gap.
  • How the pandemic has changed the process for claims.
  • Solving the reassignments problem and its immediate effects on a business’ finances.
  • Why businesses should stop relying on spreadsheets.

 

Connect with Tim

Key Takeaways:

  • 2%-7% of a business’s money is often wasted on process inefficiencies annually.
  • 90% of small businesses don’t have a strategic plan annually that’s written on paper.

 

Resources Mentioned:

This episode was brought to you by

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

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