Mark Varley: Founder and CEO, Addresscloud: Hitting the spot - getting location accuracy right (114)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 6 December 2020

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

To provide the right insurance for homes and workplaces, insurers have to be sure of the exact location of the assets. But 500 years on from the creation of the UK’s Royal Mail, the challenge of knowing where something is and what surrounds it remains. Addresscloud is one company rising to that challenge. Five years on from launch, it has processed 32-million addresses and 25-million buildings, with the data being used to help insurers quote and bind, fight wildfires in the US and even for organic vegetable deliveries. Founder and CEO Mark Varley joins Matthew to discuss where the idea came from and how the company has secured a strong list of clients in the UK, US and Europe. Talking points include: Identifying and processing useful data sources Using analytics for higher resolution modelling Why big tech isn’t always best on geocoding Bootstrapping vs external funding The benefits of working with clients outside insurance Keep track of everything we are up to at instech.london and sign up to our 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 114 page of the InsTech London website, or email [email protected].

Transcript

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0:00.0	We work with a partner in the US called Anchor Points,
0:04.0	who are a team of firefighters and data scientists
0:08.0	who've got together to create a fantastic US-based wildfire model.
0:13.0	And we provide that data through our platform,
0:15.0	both through our APIs and through our Maps visualization platform.
0:38.8	Well, there was a time a couple of years ago where every new company wanted to talk about AI or artificial intelligence. But have you noticed in the last few months how most of the successful companies
0:43.5	are a lot more focused now on getting the fundamentals right? It's definitely a trend I'm seeing
0:49.2	in these interviews or maybe it just reflects the fact that we tend to talk to people that are
0:53.1	solving real problems.
0:54.8	And one of the most important fundamentals for any insurer is knowing what you're insuring.
0:59.5	And if that's a building, that means knowing where it is.
1:02.8	Now, you might have thought that we're so much data swirling around
1:05.3	and a postal service that had been going for over 100 years,
1:08.2	that that's the one thing that insurers might have figured out.
1:11.9	But actually, even in countries where some properties have been around for centuries,
1:15.2	it's still surprisingly difficult to actually know where something is.
1:19.3	And the problem is the same whether you are in the US, Europe or Asia.
1:23.6	Well, hello, Matthew Grant here, your host and guide through the jungle of innovation, technology, data and analytics.
1:30.6	And today I'm talking to Mark Vali, CEO and founder of Address Cloud.
1:34.8	Now, you won't find Address Cloud hitting the headlines for fundraising.
1:38.2	Well, not yet anyway.
1:39.4	Mark has bootstrap the business over the last five years, but he has an impressive client list.
	...

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