FNO: InsureTech Ep 251: CEO and Founder of LeakSentinel, Bill Loesch
Rob and Lee welcome Bill Loesch, Founder and CEO of LeakSentinel, to discuss tackling the challenging problem of home water leak detection. As a serial entrepreneur with decades of experience in Silicon Valley, Bill saw an opportunity to innovate in this space and develop a lower-cost solution compared to existing cut-the-pipe technologies. In the episode, Bill talks about Leak Sentinel's approach, which involved years of prototyping to create a proof of concept device that can automatically detect water flow acoustically and shut off valves for both common types of home water pipes. He also discusses strategies for insurers to support bringing such solutions to market by mandating use to improve returns.
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What You’ll Hear In This Episode:
[4:32] Bill shares his journey as a serial entrepreneur and angel investor and what led him to LeakSentinel.
[6:14] LeakSentinel’s history.
[13:44] The people that appreciate it: people who have had flooding in their house, and insurers.
[14:32] What exactly does a water leak detector does.
[16:57] How LeakSentinel works.
[23:30] The three types of non-invasive flow detection technologies: thermal, acoustic and ultrasonic.
[25:42] Overview of LeakSentinel's approach and proof of concept device development.
[27:12] LeakSentinel’s view that it’s time for insurers to start demanding these solutions.
[31:28] How insurers can phase in the mandates.
[31:53] Does the homeowner install LeakSentinel themselves?
[35:17] Who pays for this?
[37:12] Bringing LeakSentinel to market, and the need for insurers to drive the demand.
[44:07] Rob and Lee tease Chapter 2 of the conversation! Stay tuned for more.