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?  

We wish our listeners a wonderful and prosperous new year! As Rob and Lee continue their holiday break, we bring you another episode from the FNO: InsureTech audio vault. Hosts Rob and Lee had the pleasure of speaking with AM Best TV's Lee McDonald earlier this year, discussing the founding, growth and development of the FNO: InsureTech podcast. With over 200 episodes and counting, Lee and Rob are excited to continue the journey of sharing insuretech with listeners. Check out the interview in video: https://lnkd.in/gnXP-z97

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?   

This week, we have the pleasure of being joined by Alex Martin, the CEO and Co-Founder of Clearspeed. Alex shares a glimpse into the interesting founding story of Clearspeed and its journey, transitioning from delivering outstanding results in the military sector to expanding into the realm of insurance. Alex explains the intricacies of how Clearspeed operates, emphasizing its role in swiftly establishing trust to expedite clearance processes and enable more informed, scalable decision-making. He sheds light on the significance of the insurance sector, highlighting it as a pivotal focus in every business decision made, and talks about going into a new industry with humility and the desire to always learn more.   Learn More: www.fnoinsuretech.com Clearspeed Alex Martin Linkedin   What You’ll Hear In This Episode: [3:30] Alex dials in from the Property Insurance Conference. [4:18] What is Clearspeed? [5:15] How Clearspeed has evolved since starting in 2016 as a mostly military-founded group. [9:46] The magic in Clearspeed’s functions and technology as a voice analytics technology company. [10:14] What are they listening for in the 5-minute phone call? [11:55] Using AI to analyze answers to questions and categorize individuals as low, possible, or high risk for fraud. [16:10] Why did Clearspeed evolve into the insurance industry, and what has that journey been like for Alex? [18:58] The revolution of voice technology and AI in insurance. [22:44] Clearspeed has won multiple awards. What is their philosophy on entering a new market, such as insurance? [24:04] Finding Clearspeed’s first adopters. [27:21] Balancing trust with caution, and having tools that can strengthen our gut intuitions to weed out those who are bad vs. those who are just trying to do the right thing. [37:56] Clearspeed’s multiple arms still includes the military, and branching out to many industries, including the world of sports. [42:41] What keeps Alex motivated and excited about Clearspeed and what the company is doing?