Ep 202 – Mulberri Co-Founder & CEO, Hamesh Chawla

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. 

 

It’s all about AI this week as Rob and Lee welcome Sri Ramaswamy, Founder and CEO of Charlee.AI. Sri talks about her journey into artificial intelligence, and how it’s evolved over the course of a decade and growing interest in AI within the industry. She shares more about the capabilities of Charlee, a trained model for insurance, and highlights the significance of using data in the right way to get accurate results. Sri talks more about Charlee’s technology and how it can help identify and prioritize fraudulent claims.

Learn More:

www.fnoinsuretech.com

Charlee.AI

Sri Ramaswamy LinkedIn

 

What You’ll Hear In This Episode:

 [5:50] Sri, a self-described “data lover” joins from Silicon Valley and talks about her upbringing in India and Australia before coming to the United States.

[9:19] How Charlee.AI came to be.

[10:54] Sri discusses working for a software company in Boston.

[11:18] What unstructured data means in insurance claims.

[18:05] The three triangle points in your expenses, reserves, and the actual indemnity.

[19:22] More about how Charlee AI’s technology works.

[24:33] How Charlee AI both compares and contrasts with Chat GPT.

[25:43] The claims language model.

[28:55] Charlee has analyzed more than 55 million claims.

[30:43] How Charlee works with the claim department.

[33:54] Charlee AI helps identify and prioritize problematic claims.

[34:57] Claims litigation.

[39:57] What is Charlee’s secret sauce for success?

[41:24] Who are their customers?

[43:00] How Charlee AI helps with claim reserving.

 

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. 

 

Rob and Lee are joined by the insightful Martha Notaras, General Partner at Brewer Lane Ventures. Martha goes into detail about her eight predictions for InsurTech in 2024. She talks about leveraging technology to enhance efficiency within the insurance industry and how we can best explore the benefits and challenges posed by AI. Martha discusses cutting-edge innovations surrounding data and sheds light on the profound impact of climate change on the dynamic landscape of the insurance sector. At the end of the episode, Martha talks about what InsurTech 3.0 would look like to her, and what else excites her about the year ahead in our industry.

 

Learn More:

www.fnoinsuretech.com

Brewer Lane Ventures

Martha: LinkedIn

What to Expect: 8 InsurTech Predictions for 2024

 

What You’ll Hear In This Episode:

[7:22] What kind of response does Martha get from the general public regarding her 8 InsurTech Predictions for 2024?

[9:13] What’s cooking over at Brewer Lane?

[11:31] #1: The Word of the Year is AI.

[14:32] InsurTech has been working on AI for years, but Chat GPT put it on everyone’s radar.

[17:01] #2: Data Finally Gets the Attention It Deserves.

[20:04] Whoever owns the data wins. Does Martha agree?

[21:44] #3: Embracing Brokers.

[23:04] Where the insurance industry has been neglecting data.

[25:25] #4: Technology Innovation, Yes. But Make it Painless and Profitable.

[27:03] How the appetite for APIs has grown.

[31:57] #5: Embedded Everywhere All At Once.

[35:09] An embedded play that Martha thinks is terrific.

[39:25] #6: Climate: Extreme Insurance.

[41:02] The concept of insuring aggregate attritional loss.

[44:00] #7: Quality, Not Quantity.

[49:05] #8: InsurTech + Incumbent = Delivering Innovation at Scale.

[53:57] Martha’s thoughts are that we are somewhere between InsurTech 2.5 and 3.0.

[54:55] Is Direct to Consumer passe?