Andy Thompson: Co-founder & CEO, Safehub: Sensors and sensitivity - Real time property earthquake risk assessment (133)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 11 April 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

By installing low-cost, easy to use sensors, Safehub is creating unique insights on how a building would react in the event of an earthquake. The technology continuously monitors a building’s natural frequency to create a profile of potential vulnerabilities and a baseline for assessing structural damage if catastrophe strikes. Co-founder and CEO Andy Thompson joins Matthew to discuss how Safehub is helping to reduce risk and why the wider adoption of affordable sensors benefits both customers and their insurers. Talking points include: Making faster, better decisions through data analysis How different earthquakes affect different buildings Using technology to spot inaccessible damage Understanding vulnerabilities through building frequencies Why user experience is crucial for new technology The RFID Journal article mentioned in the discussion can be found here - https://www.rfidjournal.com/iot-shakes-up-building-intelligence-with-earthquake-sensor-management Safehub is listed as one of the companies to watch in our new Location Intelligence report, which is free to download until the end of April. Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. To claim 0.5 hours for this podcast, go to the Episode 133 page of the InsTech London website, or email [email protected].

Transcript

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0:00.0	We're democratizing the ability to have sensors and buildings to monitor earthquake, structural damage from earthquakes and from other hazards as well.
0:13.0	It's extremely important that that is scalable.
0:16.0	And in order to do that, the technology needs to be extremely easy to install.
0:36.6	Well, all of our guests have great stories to tell, and that's why we ask them to join us.
0:38.2	It does make my life so much easier. And what I love doing these interviews is a chance to make new friends talking to some
0:42.9	of the incredible people who have built companies all around the world. But myself, with almost
0:48.4	30 years persuading insurance companies to adopt new technology and data, I've also had the
0:52.7	great fortune to meet some fascinating people
0:54.6	around the world. In today's interview with Andy Thompson, co-founder of Safe Hub, I'm revisiting
1:00.2	where my own introduction to insurance began, exploring how to understand and manage the risk
1:05.7	from earthquakes. Now, I've known Andy for about 15 years, but I've known his co-founder, Doug Frazier, even longer.
1:12.5	Doug co-founded, one of the first catastrophe modelling companies, ECICAT, and that ultimately ended up being
1:18.0	acquired by CoreLogic.
1:19.7	I worked for Doug for five years, but this is not just a trip down memory lane.
1:23.9	What Safe Hub is doing is really fascinating.
1:26.7	There's a lot of interest now in how
1:28.2	IOT and census can help reduce risk to the benefit of building owners and their insurers,
1:33.3	but the industry is still struggling to find the application for how to do this. Well, what Safe Hub is
1:38.4	doing is a great example of how, for as little as $1,000, everyone benefits from monitoring
1:43.5	the performance of buildings in earthquake
1:45.2	risk zones, with massive implications for correlating resilient infrastructures and managing
1:50.6	down Los Goss. Matthew Grant here, and welcome to all our early rises, joggers, walkers,
	...

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