FNO: InsureTech

In this episode, we have a lively discussion with leaders at Verisk — Aaron Brunko, President, and David Obert, Chief Product Officer.

Our conversation covers the importance of embracing AI and innovation in the insurance sector, the evolution of property estimating solutions, and the future of work in an increasingly technological landscape. Aaron and David offer insights and predictions about the impact of AI on the insurance industry, highlighting how it could streamline processes, improve decision-making, and impact the overall efficiency of claims management.

This week, Rob and Lee welcome an esteemed panel including four of the founding members of the InsurTech Coalition: Austin Bailey from Branch, Scott Fischer from Lemonade, Jeremy Dietch from Boost and Rachael Dugan from Indigo. Together, they talk about the mission of the InsurTech Coalition and benefits of membership, the Coalition's aim to shape regulation through education and transparency, and how we can better use technology responsibly in insurance.

Learn More:

www.fnoinsuretech.com

InsurTech Coalition

Branch

Lemonade

Boost Insurance

Indigo

What You'll Hear In This Episode:

[5:10] The four guests introduce themselves and how they got into the Coalition.

[9:32] What is the InsurTech Coalition?

[12:35] What is the shared goal of the InsurTech Coalition?

[14:33] Being proactive vs reactive in regulation.

[16:12] The Coalition aims to become more proactive in shaping regulation for insurance and technology.

[21:03] The proactive nature of the Coalition's work and a collaboration process at all steps.

[22:14] The Coalition's ultimate mission isn't to disrupt regulation, it is to better work with regulation.

[23:49] The challenge of technology outpacing laws and regulations.

[26:11] The core objectives of responsible use of technology in insurance.

[32:07] The evolution of the Coalition.

[33:06] Timeliness of AI adoption in the insurance industry.

[35:16] Collaboration despite competition.

This week, Rob and Lee welcome Ali Azhar, Chief Business Development Officer at HOVER to discuss the company's growth and innovations. Ali talks about leading the charge to work on the current verticals in construction, insurance and moving into new verticals. He discusses HOVER's journey from 2018 and all the changes that have occurred since then. Ali also shares insights into HOVER's commitment to hiring top talent and how artificial intelligence has shaped the company since its early days and their vision for the future through emerging technologies.

Learn More:

www.fnoinsuretech.com

HOVER

Ali on LinkedIn

What You'll Hear In This Episode:

[7:06] Ali joins from Franklin, TN.

[7:20] Ali shares more about his career history and his family coming to New Jersey by way of Afghanistan.

[10:08] Ali's growth from a traditional sales leadership role to CRO, focusing on optimizing core businesses and developing new markets.

[12:29] Starting with the construction vertical and scaling to home improvement.

[15:05] Insurance is the fastest growing sector.

[16:40] Monetizing AI-powered design tool for contractors.

[19:50] HOVER's leadership never wavered in their commitment to deliver a solution that would provide incredibly high utility and value to the end consumer.

[21:10] HOVER provides more than measurements.

[24:00] The magic moment of using HOVER's technology.

[25:35] A counterbalance between the needs of pro users as well as policy holders.

[30:45] Why is construction the largest vertical?

[33:20] The importance of human psychology in implementing technology.

[38:26] HOVER's great hiring philosophy - if you want to work there, you have to be nice!

[41:02] Product development and what can we expect in HOVER's future?

[44:56] AI's impact on Hover.

Rob and Lee start with some T-shirt talk before welcoming guest Gustavo Doria Filho, Founder of CQCS.

What began as an online network for insurance professionals in Brazil has flourished into a global community of over 100,000 subscribers. In the episode, Gustavo shares the journey of founding CQCS and highlights the vibrant landscape of insurance and innovation in Brazil, offering insights that resonate far beyond its borders. He talks about how Brazil's thriving InsurTech ecosystem is shaping the future of the industry worldwide and what we can expect from future events and opportunities.

Learn More:

www.fnoinsuretech.com

CQCS

Gustavo on LinkedIn

What You'll Hear In This Episode:

[7:50] Gustavo's career path and CQCS's history.

[10:11] Organizing a mirror ITC event in Brazil.

[12:30] What was the first year like?

[14:35] In the US, each state has their own insurance regulator, while in Brazil, the entire country is under one regulator.

[16:26] The event is a mirror effect of the original ITC.

[17:39] Excitement about InsurTech in Brazil.

[19:47] Brazil's paperless bank system.

[20:56] Gustavo highlights the growth of the insurance industry in Brazil.

[23:56] What attendees get out of the different sessions.

[26:56] Brazil's great ecosystem that helps people both feel trusting and as though they are having fun.

[27:59] More about the big events in November 2024 and what we can expect.

[29:21] The small things that make a difference in the event, including a diverse speaker lineup, providing a zero waste event, and of course that Brazilian sunshine.

Rob and Lee chat about their recent trip to London and then welcome Danny Chatziprodromou, CEO and Co-Founder of REOR20. Danny talks about how REOR20 is applying AI to revolutionize flood risk assessment and underwriting, and how the innovative technology could transform the flood insurance industry. He details more about how their physics-based AI model is one of a kind and provides more accurate risk predictions, allowing for a transformative solution for engineering-focused underwriting.

Learn More:

www.fnoinsuretech.com

REOR20

Danny on LinkedIn

What You'll Hear In This Episode:

[7:24] Danny explains more about the meaning and name REOR20.

[9:11] Fun Fact: Danny wanted to become a Formula One engineer as a child.

[11:03] REOR20 coming out of stealth mode.

[11:48] Winning Lloyd's competition, Lloyd's of London.

[12:33] Building deep tech, AI that understands physics.

[16:47] What REOR20 brings to the market.

[23:44] Rewriting the thinking and methodology that has been in place.

[25:18] How would this affect claim management?

[27:45] REOR20 working with insurance directly.

[30:05] Winning the Lloyd Labs contest and what they got out of the collaboration.

[32:11] Flooding is the #1 catastrophe on Earth.

[33:17] REOR's customer base.

[38:24] REOR is a deep technology company, but it was an organic fit with the InsurTech space.

[40:10] The issue of AI working with the dynamics of physics.

[42:15] Teaching AI the components of mathematics.

[42:42] Building the fluid dynamics engine.

[45:13] What is it like to be at the forefront of AI?

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.