FNO: InsureTech Ep. 244: CEO and Founder of Loveland Innovations, Jim Loveland
Rob and Lee welcome the luminary InsurTech legend, Jim Loveland, CEO and Founder of Loveland Innovations. In this episode, Jim takes us on a journey through the genesis of Loveland, sharing the evolution of both their software and cloud-based technology, and how they have evolved over the years in their solar, roofing and insurance verticals. Jim talks about pivotal moments throughout the way, including when Loveland realized the true potential of drones and new technologies in inspections, the importance of proper AI model training, and what’s next for Loveland in 2024 and beyond. He also shares some sage advice for the next generation of entrepreneurs, emphasizing the importance of truly understanding the industry before taking the leap into business.
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What You’ll Hear In This Episode:
[7:21] Jim talks about his upbringing in Wyoming and how he inherited the entrepreneurial spirit from his parents.
[10:21] How a reconstruction business turned into a software company in 1986.
[11:01] Throw back to the days of CompuClaim.
[14:15] Landing State Farm Insurance.
[17:41] Creating Xactware and transforming from software to analytics in the 1990’s.
[21:03] The decision to sell to ISO in 2006.
[25:35] Starting Loveland Innovations in December 2015.
[28:21] The genesis of Loveland, including both the software and the cloud based technology.
[31:35] The pivotal moment in which Loveland realized the potential of drones and new technologies in inspections, beyond just a new way to get up on the roof.
[32:35] How Loveland has grown and evolved over the years, including over 1.3 billion square feet of roof inspected, over 3 million images captured, and over 550 predictions made across their AI engine.
[40:00] How Loveland’s focus on software has allowed them to adapt to changing technologies.
[41:09] A teaser of 2024: automatically creating the estimate based upon AI!
[46:58] The importance of proper training of AI models.
[48:20] we're in the solar space, the roofing space and the insurance industry.
[52:42] What’s next for Jim and Loveland Innovations in 2024?
[57:24] The potential benefits and ethical concerns of AI.
[1:01:31] Advice for the next generation of entrepreneurs, including truly understanding the industry before you try to tackle it.