FNO: InsureTech

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.

The FNO: InsureTech team is enjoying a well-deserved holiday break. Before taking off to spend time with their families, Rob and Lee select some great episodes from the FNO: InsureTech Vault to share with you over the next few weeks. VOOM is a pioneering insuretech company developing advanced insurance products for emerging mobility segments. They offer digital, on-demand insurance for a wide range of vehicles from drones and light planes to motorcycles, e-scooters, and contemporary fleets. Rob and Tomer Kashi, CEO and Co-founder of VOOM Insurance, delve into the journey of VOOM over the past six years in the insuretech space, thoughts on pay-per-mile and usage-based models, the data advantage that VOOM possesses, and much more. Check out VOOM Insurance: https://www.voominsurance.com/

This week, Rob and Lee welcome back Kyle Nakatsuji, the insightful CEO and Co-founder of Clearcover Insurance. Kicking off with some football banter, Kyle shares some great life lessons drawn from his playing days. Exploring more of the “why” behind Clearcover's approach, Kyle discusses the notable changes the company has undergone in recent years. He provides a deeper understanding of the market dynamics and the significance of maintaining boldness and courage, detailing how calculated risks contribute to building something extraordinary in a challenging environment. Then, before the episode comes to a close, there’s a little bit more football talk, of course!    Learn More: www.fnoinsuretech.com Clearcover  Kyle: LinkedIn  Episode 210 with Kyle  The Farmer from Merna  Insurance on the Side blog piece    What You’ll Hear In This Episode: [7:30] What will it take for Rob and Lee’s wives to listen to this show? [9:01] Kyle’s backstory playing football in high school and college. [11:48] Kyle kept on playing football despite a torn ACL, even having surgery after the season. [14:25] Some of the lessons Kyle learned from his up-and-down journey in football. [18:58] How the last 18 months have been challenging for entrepreneurs, particularly in the insurance industry. [20:26] How has Clearcover felt this impact? [24:18] Taking bold risks in a challenging market and making adjustments to adapt to changing market conditions. [25:02] Balancing risk and caution. [27:39] Some of the cool things coming out of this time for Kyle and Clearcover, include a partnership with Experian. [29:30] What we can learn from a story about Jeff Bezos requesting the light bulbs get taken out of vending machines. [30:48] Kyle goes more in-depth about his belief that embedded is not a channel, but a strategy. [41:54] AI’s impact on how the industry will change, will still be driven by the behavioral needs of buyers. [45:13] Clearcover’s approach to claims from a customer and cost perspective. [49:11] Why bundling is important. [51:19] Finding the right combination of convenience, value, and affordability in insurance, particularly in a tricky market like California. [54:29] Kyle dishes on Aaron Rodgers!  

This week, Rob welcomes on Scott Ham, the visionary CEO of Pinpoint Predictive, a groundbreaking AI-driven deep learning product. Scott provides insights into his career journey and the pivotal moments that led him to spearhead Pinpoint. He sheds light on the remarkable capabilities of Pinpoint's AI-powered platform, showcasing its prowess in solving complex real-world problems by harnessing billions of data points within expansive datasets. Scott also shares some of the glowing testimonials that attest to Pinpoint's transformative impact, illustrating how seamlessly it collaborates with underwriters to revolutionize decision-making processes.   Learn More: www.fnoinsuretech.com Pinpoint Predictive  Scott Ham    What You’ll Hear In This Episode: [4:18] Where o’where has Lee been?  [9:01] How Scott’s background at Transamerica and McKinsey led him to Pinpoint and influenced his approach.  [13:45] Pinpoint uses behavioral data from 250 million US adults to predict insurance losses.  [15:04] The importance of preducing claim severity, frequency and loss cost at the beginning of the insurance process to improve solvency and fairness. [18:24] Why underwriters are not threatened by Pinpoint’s technology.  [21:16] Pinpoint currently focuses on PNC.  [23:09] How the legal community has responded to Pinpoint.  [25:07] The importance of addressing fairness and bias in AI models, particularly in the insurance industry.  [27:00] Proactively addressing regulatory concerns by conducting audits.  [30:04] Using Pinpoint at renewal.  [31:51] What is a deep learning platform?  [34:47] Using AI to improve insurance risk assessment and loss ratios.  [37:03] What response has Pinpoint seen by actuaries?  [38:42] How and why Pinpoint is easily deployed and reduces client onboarding time from months to weeks.  [43:43] Growing and expanding Pinpoint in a thoughtful manner.  [45:29] Pinpoint’s future and that they are made up of a team of technologists and the best insurance executives.   

Rob welcomes back Andy Lerner, Managing Director at IA Capital Group, one of the longest running VCs in the InsurTech space. Andy talks about IA Capital Group’s structure, and what positive things he sees in the future state of the Insurtech industry. Andy and Rob also discuss AI in Insurtech, including both its potential impact for good and the limitations. Towards the end of the conversation, Andy and Rob discuss how traditional education has changed, and their predictions in the industry for the next 5-10 years.    Learn More: www.fnoinsuretech.com IA Capital Group  Andrew Lerner LinkedIn    What You’ll Hear In This Episode: [6:22] Andy talks about IA Capital Group and their primary focus on FinTech InsurTech over the past 23 years.  [8:49] What kind of companies does IA Capital Group work with?  [12:40] Who in the industry has had a challenging year?  [14:40] The process of moving to their 10th fund and the reception in the market to their work.  [15:00] How IA Capital’s investment process works.  [17:09] Insurance companies prioritize long-term relationships over quick decisions, valuing loyalty over speed. [20:11] Investments typically have a 5-6 year holding period.  [21:51] The relationship between venture capital and private equity, where they often work together on investments but may have different strategies for selling companies. [25:23] The three major categories: distribution, newer more innovative products, and the service providers to the industry.  [33:32] AI in InsurTech and its potential impact. [39:36] Frontier Risk and investing in cannabis.  [43:57] what effect does it have when a war breaks out in the middle of a business opportunity?  [46:50] As a Wharton graduate, Andy shares his thoughts on how the need for education has changed in the industry.  [49:37] Where does Andy see the industry 5 years from now?   

Alex Martin, CEO and Co-Founder of Clearspeed, talks about their journey from the military sector to insurance, using voice analytics technology to assess risk. They discuss the role of AI in categorizing individuals for fraud and the future of voice technology in insurance. They also explore Clearspeed's work in government defense security, sports integrity, and citizenship by investment. Alex emphasizes the importance of insurance in saving lives and supporting growth in various industries.