INVENT 2024 Finalist Profile: TalkTerms Ltd
Founders name: Gary Lyons, Professor Adele Marshall and Karl Gilmore
What is your background?
I have a background in law, international commercial law, alternative dispute resolution and have certifications in areas like Fintech Innovation and Insurtech from Cambridge University Judge Business School and a practical background in successfully having brought other tech business from concept to market. I am fortunate to have a great team on this project, Adele Marshall is Professor of statistics and mathematical modelling at Queens University, specialising in advanced analytics and data informed decision models. Karl Gilmore is a very experienced UX/UI designer who has ensured our plans have been translated into our own bespoke technology.
What problem are you solving?
Traditional forms of dispute resolution just don’t work and have been failing for some time. There are a number of reasons; ingrained historical legacy systems, reliance on traditional manual processes and a lack of credible digital alternatives, all failing to address the growing public desire for transparent, equitable, speedy digital outcomes.
Who and where are your potential customers?
Where there is a dispute or a claim there is a market and this is a truly global market. We can easily scale within the following sectors, Court Services, Insurers and Insurance Broking, Legal, Property, Medical, Utilities and direct to consumer.
What do you think is the potential for your business?
In 2023 UK, consumers lost £54.2B in unresolved disputes, similar claims cost the US economy some $676B. Inefficient claims processing costs the Insurance Sector $170B annually. Currently 70% of an insurance company IT spend, is on managing old, often failing legacy systems. We can challenge these old failing manual norms, with our low-cost digital platform, we will streamline and simplify the resolution process, improving efficiency, transparency, and accessibility for all parties involved, across diverse global sectors using our own scalable technology.
Where do you hope to be 5 years from now?
Our mission at Talk Terms is to revolutionise global dispute resolution by offering a user-friendly, impartial, and cost-effective online platform for resolving a wide range of conflicts. With a focus on leveraging advanced technology and strategic partnerships, we aim to become a global leader in facilitating fair and equitable solutions. This is a huge, global problem and we have developed a low-cost, very portable global solution. We will have a strong NI based team, further developing our algorithms and democratising access to justice for all.
Check out TalkTerm’s website and LinkedIn. Connect with Gary on LinkedIn here.