Bob Frady & John Siegman: CEO & CCA, HazardHub: The data you need at a price you can afford (135)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 25 April 2021

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Good data helps insurers to price and manage risks more effectively, but only if the right information is available, affordable and easy to integrate into underwriting processes.HazardHub are providing solutions to those challenges by supplying insurers with data for perils like flood and wildfire and unique property risk information, including the location of every fire hydrant in the US.The company was selected to join the Lloyd’s Lab last year and was named as one of the companies to watch in our new Location Intelligence report.HazardHub Co-founders Bob Frady and John Siegman join Matthew on Podcast 135 to discuss the types of data they’re offering and how they’re making it affordable and easy for clients to use.Talking points include: Accessing real-time data via APIs Lessons learned from the Lloyd’s Lab Harnessing technology to cut costs Pinpointing wildfire risks through modelling How to make clients confident about data For more information on HazardHub's AgentRiskView, go to agentriskview.com 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 135 page of the InsTech London website, or email [email protected].

Transcript

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0:00.0	between John and I, we've probably done at least 250,000 locations ourselves, where we've gone in and tracked where these hydrants are located, because it had to be done.
0:33.2	Well, there are over 100 companies now offering data to help insurers manage risk, but it can be very hard sometimes to use this data at the point of underwriting.
0:38.4	Some of the challenges include limitations in policy systems that make it hard, sometimes impossible,
0:43.2	to easily integrate the data at the point of underwriting, the high cost to access that data,
0:48.8	or just gaps in what is needed. Bob Frady and John Siegman have been tackling each of these problems directly. They set up Hazard Hub to help their customers and potential customers
0:53.2	get the information they would need cheaply and quickly. And if the Hazard Hub to help their customers and potential customers get the information they would need
0:55.0	cheaply and quickly. And if the Hazard Hub team can't find the third party supply, well, it's go out and find it themselves, one street at a time if needed.
1:04.2	The datasets they offer include those for the main known perils, such as flood and wildfire, location information and important,
1:12.4	but hard to get information that will influence the risk of property such as proximity
1:16.3	to fire stations and even water hydrants.
1:19.9	To get the full picture of how a hazard hub fits into the need for property and risk information
1:24.2	download our location intelligence report.
1:27.1	2021 is currently free but don't hang around from 1st of May. It's only available for members
1:31.8	and subscribers. And the link will be in the episode notes or you can find it on our website,
1:36.5	www.msteck.london. So let's see what Bob and John have to say.
1:46.4	I am delighted today to have two founders of the fast-growing hazard hub, Bob Frady and John
1:53.7	Sigmund.
1:54.1	I was actually on the call to Ed Gaze from the Lloyd's Lab today, and Ed is a great
1:59.7	fan of yours.
2:00.6	Those guys know a lot about data, he said.
2:02.2	So we're looking forward to cramming a lot into our discussion.
2:05.4	Now, on your website, you've got this comment, an incredibly comprehensive set of property data.
	...

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