FNO: InsureTech

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.    Learn More: www.fnoinsuretech.com InsTech  LeakSentinel  Bill Loesch LinkedIn    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. 

Rob and Lee take it internationally this week as they welcome Matthew Grant, CEO of InsTech. Matthew talks about InsTech’s ability to help insurance companies understand real trends related to technology and innovation while looking for technology companies that can provide solutions to make a real difference for insurers. He discusses how the events and community have grown and expanded over time, along with the benefits and criteria for membership. Matthew also touches upon the cultural nuances in the insurtech industry in London, including Lloyd of London’s history and function as a marketplace for insurance companies. Grab a cup of tea and enjoy!   Learn More: www.fnoinsuretech.com InsTech  Matthew LinkedIn  Podcasts    What You’ll Hear In This Episode: [7:06] The two main aspects of InsTech's business. [10:37] The evolution of InsTech’s events. [14:35] More about the London market. [16:44] What is Lloyd of London? [20:02] Insurance in the UK market. [22:44] What the United States can learn from business done overseas. [33:50] Lloyd’s Lab. [37:50] Matthew’s background. [42:08] How someone becomes an InsTech member, and the benefits of membership.  

Rob and Lee welcome in Bob Marshall, Co-Founder and CEO of Whisker Labs. Bob talks about their flagship solution, Ting, which draws on decades of electromagnetic and atmospheric sensor technology to protect communities and prevent electrical fires, while also monitoring the resiliency and safety of the U.S. electrical grid. Bob shares more about the many ways Ting is taking the relationship with insurers to a new level while also gaining valuable insights. He highlights some real case studies where Ting has helped to save homes, and explains the rewarding impact of their work.    Learn More: www.fnoinsuretech.com Whisker Labs  Bob Marshall LinkedIn    What You’ll Hear In This Episode: [8:16] Bob joins the show to talk about his background in engineering and how Whisker Labs came to be.  [10:00] The unfortunate fire in Bob’s family that served as inspiration to take engineering and apply it to the common issue of electrical fires.  [14:00] How the TingFire technology works and monitors the home wiring.  [17:06] Closing the loop and delivering the best experience possible to the customer.  [18:10] Ting does not replace, but instead compliments fire alarms.  [18:54] How Ting uses AI to analyze data and detect issues anywhere.  [20:00] Providing documentation and data in great detail.  [25:01] Ting’s partnerships with insurers that offer the service for free to customers.  [30:51] Ting is currently saving 15 homes from fires per day on average. They've notified homeowners of 8,000 potential fire risks so far. [38:16] Contributing to water losses as well.  [44:13] Providing compassion, education and support for the customer.  [44:58] Older homes are more likely to have issues, but not as much as one may think.  [47:44] Ting has over 100 employees, and is growing at a great speed.   

This episode features Chin Ma, Co-Founder and President at Chrp Technologies, a fascinating technology that allows underwriters insight into the home of the insured and to reduce losses. Chin talks about how Chrp was created and explains how the technology helps to underwrite accurately and get the insured involved in the process, providing help where it’s needed.    Learn More: www.fnoinsuretech.com Chrp  Chin Ma LinkedIn    What You’ll Hear In This Episode: [6:40] What is Chrp, and how did they build the technology?  [9:32] What was the problem that Chin’s partner and Chrp founder Micah set out to solve?  [11:27] Testing their hypothesis.  [13:08] Are homes more complicated now?  [15:06] How is what Chrp does in underwriting different from what is typically done?  [18:00] How Chrp can provide a more comprehensive view using AI.  [19:14] Chrp provides homeowners repair insights and connects them to contractors for help.  [23:37] The process of getting homeowners involved.  [29:20] What Chin means when he says the program should demonstrate a level of “teeth”.  [31:29] A new way to look at customized premiums.  [32:14] The reports they the underwriters are seeing. [36:14] Chrp’s repair network, working with the best contractors in the country.  [38:26] The company’s growth and future.   

Rob and Lee are joined by Cody Eddings, CEO and Co-Founder of SnapRefund. Cody first shares the story of founding SnapRefund in Philadelphia and taking the company through accelerators like TechStars. Cody also reflects on the validation of winning the State Farm pitch competition at ITC, and details how SnapRefund’s technology works to streamline and simplify the insurance claims process through automation and digital payments.    Learn More: www.fnoinsuretech.com SnapRefund  Cody Eddings LinkedIn    What You’ll Hear In This Episode: [9:29] Cody shares the origin behind SnapRefund.  [9:48] The growing startup scene in Philadelphia.  [11:02] Cody met his co-founder at a pitch workshop.  [12:09] Great life lesson: you get the best out of people when you help them accomplish whatever it is they truly want to accomplish.  [12:37] SnapRefund helps insurers send outbound payments with automation and analytics to improve customer retention, and operational efficiency. [18:46] The rising trend of cash apps.  [20:01] How SnapRefund’s technology works to connect to clients’ existing bank accounts.  [23:43] SnapRefund’s mission to financially empower people and give them greater control over their money.  [24:07] Bringing visibility for both the insured and the adjuster.  [28:19] The two startups Cody built before SnapRefund.  [31:36] Overcoming challenges in the fundraising process.  [41:03] The experience of being with Techstars.  [45:08] What it meant to win State Farm’s ITC pitch competition.   

Sri Ramaswamy, Founder and CEO of Charlee.AI, discusses her journey into artificial intelligence and the capabilities of Charlee, a trained model for insurance. She highlights the significance of using data in the right way to get accurate results and how Charlee can help identify and prioritize fraudulent claims.

The cat is out of the bag! Nearmap acquired Betterview, and Rob and Lee have brought Co-Founder and CEO David Lyman on to tell us all about the big news. David talks about the critical pivot that led Betterview to where they are today, and the lessons learned about falling in love with the problem instead of the solution. David shares more behind the details of the acquisition, and what we can expect as the capabilities of both companies come together. Learn More: www.fnoinsuretech.com Betterview  Nearmap  David Lyman LinkedIn  Episode with Patrick Quigley    What You’ll Hear In This Episode: [5:42] David walks us down memory lane on his background in technology, how he met the other David, and how Betterview came to be. [9:49] Reaching out to the folks at Nearmap. [10:46] What exactly does Betterview do? [11:40] A software platform that allows for a combination of automated and manual workflows. [12:30] Giving scores in addition to providing data. [14:58] Betterview’s first customers were RSI customers, David Tobias’s family inspection business. [15:14] Falling in love with the problem, and not the solution. [17:01] Breaking the news to investors about the pivot, and getting immediate support. [19:35] David walks us through what happens after the decision to pivot is made. [21:36] What was the secret sauce that made them stand out from their competitors? [26:14] The reason they’ve gotten more into claims. [27:08] More about the partnership. [31:10] What can we expect in the future with Betterview and Nearmap? [34:35] Does David think the future holds more data consolidation companies? [38:06] Computer vision is a subset of AI. [42:46] How will David celebrate the big win?  

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.  Learn More: www.fnoinsuretech.com Jim Loveland LinkedIn  Loveland Innovations    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.   

Martha Notaras, General Partner at Brewer Lane Ventures, discusses her 8 InsurTech predictions for 2024, including leveraging technology, exploring AI benefits and challenges, cutting-edge innovations in data, and the impact of climate change. She also talks about InsurTech 3.0 and exciting prospects for the industry.

Lee McDonald, AM Best TV's Lee McDonald, joins the FNO: InsureTech podcast to discuss the founding and growth of the podcast. They talk about their experience being interviewed by AMBEST, their journey from being interested in the insurance industry to becoming influencers, and the evolution of InsureTech.