FNO: InsureTech

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We're all living physical and digital lives.

And for insurance, this means we must be covered in both worlds. For the physical, we have our traditional insurance models—property, life, car, etc. But now, with so much of our information inside computers and in the cloud, we must also seek out cyber insurance.

On today's episode of FNO: InsureTech, we are joined by Gary Sullivan to discuss cyber insurance. Gary Sullivan is Assistant Professor of the F. W. Hirt Erie Insurance Risk Management Program at Mercyhurst University. Previously, he was the Vice President of Property & Subrogation Claims for Erie Insurance.

Tune in to this episode to hear Gary's insights from cybersecurity to blockchain technology to the evolution of drones inside the insurance industry.

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• Insurance companies have 2 concerns when it comes to cyber:
• • Protecting data just like any other company
  • A marketing opportunity when offering cyber insurance
• The current job market is very hot right now for all types of insurance professionals
• There is a gaping hole in claims knowledge in the cybersecurity insurance space
• Most recent reports estimate cyber insurance as a $200 billion industry
• There are 5 types of cyber attacks:
• • Fishing: Emails sent under the guise of someone in the organization asking for link-clicks
  • Ransomware: when the system is taken hostage and you have to pay to have it be released
  • Cryptojacking: when blockchain miners steal computing power
  • Nation-state threats: when other countries initiate cyber attacks
  • Insider threats: when employees of the organization—willingly or unwillingly—undermine the organization
• Blockchain is an immutable ledger that enables transparent, security, and anonymous transactions
• Vendors must develop rapport with the decision-makers, relationships are the highest priority
• This next generation is ideally situated to be in the insurance industry: they're competitive, pragmatic, racially diverse, and tend to learn information fast
• The drone story continues to evolve, but it's still well within the parameters of being safe and cost-effective.

Fourseventy Claim Management

www.470claims.com

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For property claims, the outside is much easier to assess than the inside.

Whether it's via drones or actual adjusters on site—pulling information from the exterior of a property requires very little when compared to the demands for the interior.

To assess the interior requires going inside the property, stepping into someone else's space, and potentially interrupting someone else's day. This set of demands calls for a technology solution.

That's why on today's episode of FNO: InsureTech, we are joined by Andy Greff to discuss his application PLNAR that uses SmartPicture technology to swiftly and accurately process the information inside a property.

Tune in to this episode to hear Andy's insights on everything from insuretech to Series A funding.

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• Augmented reality is when there is a different overlay on top of the real world
• Carriers are often concerned with the real-time status of a claim
• Speed of delivery eliminates the customer's ability to be curious
• Carriers have the most issues when the control of the claim starts to slip away
• Not many people are going into the adjuster world because frankly—it's a tough job
• Software companies need a relatively small amount of money to get off the ground
• The most important thing to consider for a startup is staying on the playing field
• Smarter technologies empower lower-skilled data collectors to give desk adjusters exactly what they need

Fourseventy Claim Management

www.470claims.com

(click to tweet)

For property claims, the outside is much easier to assess than the inside.

Whether it’s via drones or actual adjusters on site—pulling information from the exterior of a property requires very little when compared to the demands for the interior.

To assess the interior requires going inside the property, stepping into someone else’s space, and potentially interrupting someone else’s day. This set of demands calls for a technology solution.

That’s why on today’s episode of FNO: InsureTech, we are joined by Andy Greff to discuss his application PLNAR that uses SmartPicture technology to swiftly and accurately process the information inside a property.

Tune in to this episode to hear Andy’s insights on everything from insuretech to Series A funding.

(click to tweet)

• Augmented reality is when there is a different overlay on top of the real world
• Carriers are often concerned with the real-time status of a claim
• Speed of delivery eliminates the customer’s ability to be curious
• Carriers have the most issues when the control of the claim starts to slip away
• Not many people are going into the adjuster world because frankly—it’s a tough job
• Software companies need a relatively small amount of money to get off the ground
• The most important thing to consider for a startup is staying on the playing field
• Smarter technologies empower lower-skilled data collectors to give desk adjusters exactly what they need

Fourseventy Claim Management

www.470claims.com

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Every company strives for a great customer experience.

But often times, being a customer can be a pain. From calling support to scheduling an appointment—the tasks required to be a customer can, more often than not, feel like work.

But what if in today's technologically-driven economy—there is a shifting customer experience? That, by empowering the customer to actually do some of the work, you make their experience better overall.

This is what the HOVER team has uncovered in their service. That the customer is fully capable and motivated to use their technology, much more so than going through the archaic motions of assisting adjusters on site.

On today's episode of FNO: InsureTech, we are joined by Kevin Reiley and Justin Hancher from the HOVER team. HOVER is a 3D technology company that creates fully measured, customizable 3D models.

Tune in to this episode to hear Kevin and Justin discuss what they've learned about the modern-day consumer, so you can apply those teachings to your product or service.

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• HOVER can benefit other industries outside insurance (ex: home inspections, mortgage financing, real estate, etc.)
• There is a rising trend of 3D modeling technologies enabling the policy holder to take pictures and thus—assist in the claims process
• • Nearly 90% of homeowners are adopting this technology
  • Creates transparency - homeowner sees all the measurements firsthand
  • Homeowners are also able to use the 3D model for other projects
• Millennials would rather take pictures themselves than spend time on the phone or have someone on site
• Accuracy is most important: decreases cycle times and reduces both known and unknown costs
• Empowering the homeowner to participate actually produces more detailed information of the interior
• Inaccuracy in the underwriting industry is due to carriers using public data sets
• 3D modeling technologies like HOVER output into any CAD program, saving any professional time from the get-go

Fourseventy Claim Management

www.470claims.com

(click to tweet)

Every company strives for a great customer experience.

But often times, being a customer can be a pain. From calling support to scheduling an appointment—the tasks required to be a customer can, more often than not, feel like work.

But what if in today’s technologically-driven economy—there is a shifting customer experience? That, by empowering the customer to actually do some of the work, you make their experience better overall.

This is what the HOVER team has uncovered in their service. That the customer is fully capable and motivated to use their technology, much more so than going through the archaic motions of assisting adjusters on site.

On today’s episode of FNO: InsureTech, we are joined by Kevin Reiley and Justin Hancher from the HOVER team. HOVER is a 3D technology company that creates fully measured, customizable 3D models.

Tune in to this episode to hear Kevin and Justin discuss what they’ve learned about the modern-day consumer, so you can apply those teachings to your product or service.

(click to tweet)

• HOVER can benefit other industries outside insurance (ex: home inspections, mortgage financing, real estate, etc.)
• There is a rising trend of 3D modeling technologies enabling the policy holder to take pictures and thus—assist in the claims process
• • Nearly 90% of homeowners are adopting this technology
  • Creates transparency - homeowner sees all the measurements firsthand
  • Homeowners are also able to use the 3D model for other projects
• Millennials would rather take pictures themselves than spend time on the phone or have someone on site
• Accuracy is most important: decreases cycle times and reduces both known and unknown costs
• Empowering the homeowner to participate actually produces more detailed information of the interior
• Inaccuracy in the underwriting industry is due to carriers using public data sets
• 3D modeling technologies like HOVER output into any CAD program, saving any professional time from the get-go

Fourseventy Claim Management

www.470claims.com

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On today's episode of FNO: InsureTech, we are joined by Dustin Barrington, Director of Product Marketing at Xactware Solutions, to discuss the upcoming conference Elevate.

Tune in to this episode to hear about everything from the conference itinerary to what Rob and Lee will be presenting about!

You can learn more about Elevate here

Fourseventy Claim Management

www.470claims.com

(click to tweet)

On today’s episode of FNO: InsureTech, we are joined by Dustin Barrington, Director of Product Marketing at Xactware Solutions, to discuss the upcoming conference Elevate.

Tune in to this episode to hear about everything from the conference itinerary to what Rob and Lee will be presenting about!

You can learn more about Elevate here 

Fourseventy Claim Management

www.470claims.com

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If you spend any time in the insurance world, you're bound to hear the sentiment that a vehicle claim is distinctly different than a property claim. But is this true?

It turns out that while a property claim has more information to fill in, there are still the same questions being asked. The customization of a property is no different than the drilling down to what part needs fixing inside a vehicle.

That's why on today's episode of FNO: InsureTech, we are joined by John Hall, President at Audit Services Inc. to discuss how claims fit into the auto insuretech space, where we see technology driving their position, and why they are no different than property claims.

Tune in to this episode to hear John's insights, so you can speak both the languages of property and auto claims.

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• Even with all the technologic automation, there still exists the need for human labor
• In automobiles, innovation yields safer cars but higher costs to repair
• Studies show that a new auto technology takes 30-40 years to make its way through the fleet of U.S. vehicles
• In general, rate of change is slower than people think
• Contrary to popular belief, most vehicles accidents occur in the city (not the highway)
• Understand that the average home loss is small
• Many carriers are prioritizing automation over accuracy
• The most successful carrier partnerships are the ones born early in the process
• Follow up with all parts of your workflow to find where the gaps are
• There will always be a need for in-person claim adjustment

Fourseventy Claim Management

www.470claims.com

(click to tweet)

If you spend any time in the insurance world, you’re bound to hear the sentiment that a vehicle claim is distinctly different than a property claim. But is this true?

It turns out that while a property claim has more information to fill in, there are still the same questions being asked. The customization of a property is no different than the drilling down to what part needs fixing inside a vehicle.

That’s why on today’s episode of FNO: InsureTech, we are joined by John Hall, President at Audit Services Inc. to discuss how claims fit into the auto insuretech space, where we see technology driving their position, and why they are no different than property claims.

Tune in to this episode to hear John’s insights, so you can speak both the languages of property and auto claims.

(click to tweet)

• Even with all the technologic automation, there still exists the need for human labor
• In automobiles, innovation yields safer cars but higher costs to repair
• Studies show that a new auto technology takes 30-40 years to make its way through the fleet of U.S. vehicles
• In general, rate of change is slower than people think
• Contrary to popular belief, most vehicles accidents occur in the city (not the highway)
• Understand that the average home loss is small
• Many carriers are prioritizing automation over accuracy
• The most successful carrier partnerships are the ones born early in the process
• Follow up with all parts of your workflow to find where the gaps are
• There will always be a need for in-person claim adjustment

Fourseventy Claim Management

www.470claims.com

"There's always going to be a place for the field adjuster." - Matt Fatheree

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Everybody wants the new, shiny object.

And in the insuretech world, it's no different. Each year—we see new technology solutions rising to the surface, and the conversation at conferences turning towards the next best thing. But is this really where our focus should be?

When we integrate technology into our business, unexpected challenges get put in front of us. The quality of technology is in how effectively it can anticipate and deal with these roadblocks. Often times, the bells and whistles distract us from assessing this.

On today's episode of FNO: InsureTech, we are joined by Matt Fatheree—President, CEO of Fourseventy Claims—to discuss his experience integrating technology solutions into his company.

Tune in to this episode to hear about the hurdles, so you know what to expect moving forward.

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• There is no all-in-one solution that currently exists for the insuretech space
• More than drones, the smartphone has significantly impacted insuretech
• There are many hurdles to using drones: pilot licensing, data usage, upload limitations, etc.
• Tying new insuretech systems requires more labor than one would think
• The claims process is very outdated, typically operating in 7-day cycle times
• Accuracy is just one part of the equation—we have to pick up speed and reduce cost
• It's easy to find the new technologies, but onboarding a labor force to be culturally bought in is challenging
• Dealing with data collection and processing always presents struggles - the technology should primarily make this process easier
• Innovation will force field adjusters to find work in the virtual assistance roles

Fourseventy Claim Management

www.470claims.com