FNO: InsureTech

“If you can track a pizza on Domino’s—surely you can track where you are on your claim.” - James Swayze (click to tweet) It’s hard to quantify just how valuable data is. We hear the news stories about corporations mining our behavior and reselling it as datasets. But really, how valuable can these facts be? It turns out that in the insurance industry, access to all parts of a customer journey with his/her own property—that dataset can significantly improve the claims process. That’s why on today’s episode of FNO: InsureTech—we are joined by James Swayze. James is an Executive at CoreLogic, in charge of claims and the Symbility platform inside the CoreLogic family. James originally planned to get into the film production industry but the insurance sector appeared in his life as an opportunity to quickly pay off his travel bills. Today James is an acknowledged expert on the application of technology in the insurance sector, a regular contributor to key industry publications and a sought-after speaker. Tune in to this episode to hear James distill the often confusing intersection of data and the insurance industry. “Customer choice drives further adoption.” - James Swayze (click to tweet) The FNO: Tips CoreLogic’s objective is to help people find, acquire, and protect their largest asset (which is their home) The more open the API, the more flexibility the customer has Look at how Google offers their applications on Apple devices for why the customer should choose There is a fear in the United States that too much information empowers the policyholder to become litigious The auto insurance has always been about 10 years ahead of other insurance sectors Fourseventy Claim Management www.470claims.com

  “So many discussions across industries are the same discussions, with just a different wrapper.” - Joe Kirgues (click to tweet) Conferences have a routine. You wake up at the hotel, meet for coffee downstairs, network amongst each other on the conference floor, attend a few keynotes,, go out to dinner, and then repeat the motions the next day. But what happens when you put a conference inside a sports stadium? And only make it one day? The answer is in today’s episode of FNO: InsureTech—where we are joined by Joe Kirgues, co-founder of the Milwaukee-based gener8tor program—a startup accelerator with other prongs to its business, one of which is the OnRamp Conference series. The OnRamp Insurance Conference brings together the insurance industry’s leading corporations, investors and startups. The conference highlights innovations disrupting the insurance industry, the leaders making such innovations possible and how new technologies and business models will reinvent the industry. Tune in to this episode to hear Joe’s insights about the insuretech space! “Ideas are much more unique to creativity than to genre.” - Joe Kirgues (click to tweet) The FNO: Tips For social good, create the infrastructure to facilitate the outcome instead of just relying on traditional donation models Corporate venture capital is the informal allocation of funds to startup-type missions The hockey stick growth curve of insuretechs has reached a plateau/saturation point Artificial intelligence-based companies rise to the top of demand at conferences Infuse your personality into your company Fourseventy Claim Management www.470claims.com

“It’s a 50/50 chance—or a coin flip—that in any given year, a major hurricane will hit the U.S based on historical data.” - Dr. Philip Klotzbach (click to tweet) Weather is becoming easier to predict. With the advancing technologies and increasing quantities of data, forecasting storms and hurricanes is becoming less and less of a challenge. And for those of us in the insurance industry, this accuracy and preparedness is incredibly valuable. That’s why for today’s episode of FNO: InsureTech, we are joined again by Dr. Phil Klotzbach. Dr. Phil Klotzbach is a Research Scientist in the Department of Atmospheric Science at Colorado State University, and among many achievements—he developed the two-week forecasts currently being issued during the peak months of the hurricane season between August-October. He has published over two dozen articles in peer-reviewed journals such as Journal of Climate and Weather and Forecasting. Tune in to this episode to hear Dr. Klotzbach’s insights, so you know what to look out for this hurricane season. “Just because June and July are quiet doesn’t mean we can expect the overall season to be as well.” - Dr. Philip Klotzbach (click to tweet) The FNO: Tips This upcoming hurricane season is being predicted as below normal with 13 main storms El Niño is warmer than normal water temperature in the central/tropical Pacific In the summer months, the impact of El Niño on the United States is muted Preparedness for hurricanes is largely determined by whether or not the person has experienced a hurricane before Increasing damage done by hurricanes can largely be explained by increasing population and increasing population along the coasts The real danger in climate change lies in the tertiary impact of the weather shifting Resources National Hurricane Center Seasonal Hurricane Predictions Tropical Tidbits Forecast of 2019 Atlantic Seasonal Hurricane Activity Fourseventy Claim Management www.470claims.com        

“You have to have a culture that’s on board with change. People have to be excited about it, not scared of it.” - Alyssa Hunt (click to tweet) There will always be loss. Natural disasters, human error, or even just the everyday motions of life—one thing we know for certain is that our homes, our property, our cars—they are all at-risk of being damaged. Enter the insuretech solutions—which range from automating the claims processes during these moments of loss all the way to gathering enough data to prevent the event from happening in the first place. On today’s episode of FNO: InsureTech, we are joined by Alyssa Hunt, the Vice President of QBE North America to discuss the future of claims. QBE Insurance Group is one of the world's top 20 insurance and reinsurance companies, located in 37 countries. Tune in to this episode to hear Alyssa discuss insurance technologies, and where she sees the roadmap fitting into the current paradigm. “I don’t even think about being a woman in claims. I just think about what needs to be done to better the organization.” - Alyssa Hunt (click to tweet) The FNO: Tips Vendor management has evolved from an order-taking role to now, a strategic/seat-at-the-table role There is a variety of vendor management styles based on the vendor carriers As a woman, it’s important to bring your authenticity to male-dominant industries At the end of the day, the customer is really the one making the demand Be sure to structure even your pilots when testing to new insuretech solutions Structure your business about helping customers prevent losses (and thus, claims) from occurring Fourseventy Claim Management www.470claims.com        

“What’s really driving the change at our company is virtualization.” - John Hall (click to tweet) Technology, technology, technology. It seems that everywhere you turn—someone in the insurance industry is talking about the power of technology. But at the end of the day—a claim is a loss, and losses are emotional things. And no matter how you look at it—people are better at handling at emotions than robot. That’s why on today’s episode of FNO: InsureTech, we are gathering for a roundtable discussion at the PLRB conference. The featured speakers are: Dan Moore, QBE North America Scott Sprague, Westfield Insurance Pat Sinnard, Great American Insurance Jill Thomas, National General Insurance John Hall, Worley/ASI Mick Zondory, Kemper Preferred Bo Helms, Shelter insurance Matt D. Fatheree, Fourseventy Claims Tune in to this episode to hear the group’s insights as they span from managing employee expectations to the future of insurance technology. “I think the days of breaking out the tape measure on every roof claim you have are over.” - Bo Helms (click to tweet) The FNO: Tips Today, now more than ever, recruiting college graduates to the insurance Technology’s best fit in the claims process is getting the claim into the system In addition to getting data faster, insuretech technologies are engaging the customer in never-before-seen ways Accuracy of information is most important in the FNOL part of the process Taking accurate photographs of damage is not an intuitive process Lenders are much more risk-averse than the consumer It’s usually not the first person to invent the technology that fits it into the market perfectly Hover’s initial contracts were with the military, then pivoted to insurance Technology doesn’t make money until there’s standardization Fourseventy Claim Management www.470claims.com        

“It’s important we leverage technology to enable human-to-human contact.” - Jennifer Hevelone (click to tweet) Technological innovation is occurring at an unprecedented rate. Across every industry, you see the systems of yesterday being replaced with the new and shiny toys of the future. More often than not, these technologies do more good for the company’s bottom line than bad. But, over time, if a company becomes too attached to the latest and greatest—they lose sight of the human touch that’s necessary for a stellar customer experience. That’s why on today’s episode of the FNO: podcast, we are joined by Jennifer Whiteaker-Hevelone to discuss the carrier’s responsibility to care for the policyholder. Jennifer is the Chief Operating Officer at Eberl Claims Service Inc.—and in today’s conversation, she shares her 20+ years of experience in the insurance industry with us. Tune in to this episode to hear Jennifer Hevelone’s insights about what’s next for the insurance industry! “I don’t think it’s an overestimate to say that Xactware has revolutionized our industry.” - Jennifer Hevelone (click to tweet) The FNO: Tips More than speed and efficiency, right-touch claims focus on the customer’s experience Focus on the right-touch claims, rather than no-touch, high-touch, or low-touch A high-quality FNO will tell you how to communicate with the policyholder in the most appropriate way Change + technology can easily be perceived as threatening to one’s job security Shifting policyholder demands are forcing the industry to rapidly move directions It’s easy to sign off on the new, shiny objects—instead, account for the different demands outside the office More than anything else, data security should be the primary concern for insuretech companies Inspection-only will depend on the level-setting that comes from the scope of the job Prioritize your employees/people first, your processes second, and your technology third Fourseventy Claim Management www.470claims.com        

“A lot of things are evolution. Not revolution.” - Tim Bruffey (click to tweet) People used to think of adjusting as an art. That there was a touch to inspecting damage, writing scope notes, and sending it off to the insurance company. But about five years ago, the insurance industry started to see the opportunity for machines to assist in the process. Now, we live in an age where drones and robots are able to compute the cost. This shift is the impetus for much of the discussion around insuretech. That’s why on today’s episode of FNO: InsureTech, we are joined by Tim Bruffey—the Vice President of Innovation at Accurence. The Accurence Smart Automated Guideline Engine (S.A.G.E.™) automates key adjusting components including: inspection, claim documentation, scoping, estimating, and auditing across multiple perils. Tune in to this episode to hear Tim’s insights on everything related to having a technology-solution provider inside the insurance industry. “What made adjusters good adjusters is that they were coming to the workforce with a base knowledge of construction. I don’t think that’s really common anymore.” - Tim Bruffey (click to tweet)   The FNO: Tips It turns out that there’s a lot of valuable data inside the scope notes that most adjusters just throw away When creating insuretech solutions: integrate with others like Xactanalysis, Xactimate, Geomni, and Eagleview Independents respond and calibrate much more quickly than staffed groups Collaboration between adjusters can be complicated when laborers have certain working restrictions (ex: can’t climb over a certain height) Accurence’s recent acquisition of National Water is creating QualityAssist for water mitigation Water losses create a uniquely complicated set of data for insurance carriers to work through   Fourseventy Claim Management www.470claims.com        

“In 2019, the chance for a weak to moderate El Niño is definitely on the table.” - Dr. Philip Klotzbach (click to tweet) Sandy, Katrina, Dennis—these are the names of catastrophic storms that devastated millions of people and left billions of dollars in damages. Hurricanes are sure to happen, but how can our increasing knowledge and advancing technologies help us better predict their behaviors? On today’s episode of FNO: InsureTech—we are joined by Dr. Philip Klotzbach to discuss all things related to hurricanes.  Phil Klotzbach is a Research Scientist in the Department of Atmospheric Science at Colorado State University, and among many achievements—he developed the two-week forecasts currently being issued during the peak months of the hurricane season between August-October. He has published over two dozen articles in peer-reviewed journals such as Journal of Climate and Weather and Forecasting. Tune in to this episode to hear Dr. Philip Klotzbach’s insights, so you can better understand the trends and science of hurricanes. “With forecasting, you learn a lot more when you bust than when you have a good forecast.” - Dr. Philip Klotzbach (click to tweet) The FNO: Tips Large-scale signals in the atmosphere and in the ocean can predict hurricanes El Niño is warmer than normal temperature in the central/tropical Pacific The higher damage done by hurricanes is largely because more people are living on the coast Due to technological inadequacies, much of the storm-tracking data from the past isn’t reliable Tropical cyclones’ primary fuel source is warm ocean water, whereas mid-latitude cyclones thrive off the gradient of temperature Especially in the Gulf of Mexico, hurricane storms can appear out of nowhere The number of systems coming off the coast of Africa doesn’t change year-to-year (around 60-70) The more southern the storm is coming off Africa, the worse the damage will be Vegetation in the chaparral climate is designed to burn Resources National Hurricane Center Seasonal Hurricane Predictions Tropical Tidbits   Fourseventy Claim Management www.470claims.com

On today’s episode of FNO: InsureTech—we are discussing the upcoming PLRB conference. Seated are Matt D. Fatheree, Rob Beller, Lee Boyd, and Janine Davis. Tune in to this episode to get the inside scoop for the upcoming event! PLRB, Claims Conference & Insurance Services Expo is being held this year in Indianapolis from March 31 - April 3, 2019. For more information about PLRB, visit:  plrbclaimsconference.org If you have any questions—you can reach Janine Davis at janine@470claims.com Fourseventy Claim Management www.470claims.com        

“It’s more likely that a homeowner will have to file a claim for water damage than fire and theft combined.” - Gabriel Halimi (click to tweet) A whole economy exists after the claim has been made. From adjusters to call centers, carriers to providers—this ecosystem of service and transaction defines the insurance claims space. But what happens when technologies get introduced that lessen the chance for a claim ever needing to be made? On today’s episode of the FNO: InsureTech, we are joined by CEO and Co-founder of Flo Technologies—Gabriel Halimi. Flo is a first of its kind water control and monitoring service that proactively detects microleaks and other vulnerabilities anywhere in a home water system (thus, reducing the need for claims.) Gabriel’s father, Henry Halimi, invented the technology—with his 25 years as a fluid mechanics engineer, plumbing manufacturer, and inventor. Tune in to this episode to hear Gabriel’s technology and plumbing-centric insights! “People make good decisions when they have better data.” - Gabriel Halimi (click to tweet) The FNO: Tips Leaks and water damage are the most common cause of preventable home damage Similar to a heart attack, there are many indicators for future water damage The EPA estimates that 13% of household water nationwide is lost to leaks (over a trillion gallons/year) Insurance companies see water claims as an indicator for future claims, as the fixes are typically just band-aids Look at the number of industries a company can benefit when assessing value   Fourseventy Claim Management www.470claims.com