FNO: InsureTech

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.

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!