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IoT PropTech Summit 2020
November 19, 2020, Online, Canada
IoT PropTech Summit 2020
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The Changing Insurance Landscape - The Reduction of Risk through IoT
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About the talk

IoT PropTech Summit 2020 : Panel 1

The Insurance industry is definitely undergoing an evolution as it integrates IoT and PropTech.

About speakers

Conrad McCallum
Communications Director at Continental Automated Buildings Association (CABA)
Cameron Britt
Vice President, Personal Lines at Northbridge Insurance
Sandra Henkel
Chief Marketing Officer at HUB International Ontario
Chris Della Mora
Sr. Risk Consultant at HUB International
William Fender
SVP Commercial Property Portfolios at First Onsite Property Restoration
Shkya Ghanbarian
Vice President of Sales & Business Development at Eddy Solutions

Experienced professionals with a demonstrated history of working in the insurance industry. Skilled in Personal Lines , Risk Management, Property & Casualty Insurance. Strong professional with a Master of Arts (M.A.) focused in Political Science and Government from University of Windsor

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Strategic Operations Leader with a proven track record guiding the development of performance-driven organizations. Demonstrated effectiveness in formulating and implementing comprehensive strategic business initiatives aligned with corporate vision and objectives.

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Professional, hardworking, team player who has developed a reputation for utilizing analytical skills to drive results. Exceptional communication and interpersonal skills have helped to establish a strong network of international professionals. Driven and motivated to discover and implement Risk Management strategies customized to suit clients needs.

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Accomplished and creative executive possessing multifaceted experience and a proven ability to revitalize organizations, initiate company-wide campaigns, and capture untapped opportunities for growth. Results-oriented, decisive leader; adept at forging lucrative relationships with key partners, vendors, and clients.

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Well, good morning everyone. And if you've just joined us, will be starting in about 30 seconds with the first panel presentation here. Very, very excited. To start off the IT project Summit. With the first panel, changing Insurance landscape, the reduction of risk true iot. Alright, Sam will welcome everybody and very pleased to be starting the first session of this exciting conference. We have here, it's going to examine the implications for iot and prop Tech in real estate construction Insurance, the property management, and the

opening panels today is very happy. Be moderating, a distinguished panel here, here to talk about the changing Insurance, landscape reduction of risk through iot and the startup by introducing myself. And then we'll we'll do a brief introduction for the for the panelists. My name is Conrad McAllen. I'm a communications director at Continental automated buildings Association, and I joined to Cava in May 2019 been working on the digital Communications at

assets and handling. Also, the love the editing of the reports we have factually to reports and working on right now. Why not focused on the intelligent buildings and energy management systems. Another one on television buildings and covid-19. So very interested in hearing. What are panels have to say today. I just wanted to mention that over the next hour to be, discussing the evolving nature of insurance and how iot technology is driving this change in terms of risk. Risk management with a potential for lower premiums and deductibles.

And I would like to mention that there right now that the recording the webinar started and people. People can't join that will be able be able to view it later. But later today, for those joining us life will be taking questions at the end of the scussion and feel for. So feel free to shoot off your questions, through the chat feature and we'll have 10 minutes just towards the end of the hour or two to feel some of those questions. So without further Ado, then I just like to turn it over to our speakers. And now

I'll have the camera introduced in Felton introduced himself first. Morning, Cameron Northridge insurance. So I'm vice-president of personal insurance responsible for the profit loss of our, our personal, so home and auto insurance at Northridge, as well as the wiener neustadt. Fine at work product called Onyx about eighteen months ago and I'm responsible for that as well. Obviously. Yeah, I have a Chetek is is very important and we do have some wrinkles with our new product that

incorporates at which all talk about a little bit later. Great. And next, we have a bill Fender from first on-site. Play Conrad Bill fender with the first on-site restoration. I am the senior vice president of commercial property portfolio business. So we worked directly with a lot of our commercial and user clients that are Fortune 500 Property, Owners managers institutions government. And we also work really closely with Insurance Partners, like Northbridge and how I've been my first on-site about 5 years. Now, prior to

that. I was in commercial real estate, property management company called her to risk. That look after all kinds of asset classes. So I'm really interested and excited to be part of this panel. That's great. And I'm so next. We have, we have Sondra Henkel from HUB insurance, Ontario. Hi there, a thanks for having me on the panel at Melisandre. Hanko Chief marketing officer for hop. Ontario hop is Canada's our largest Insurance Brokerage and risk advisor. And in my role, I work with insurance carriers to a new business development,

strategic initiatives. And I've been in the insurance industry as much as I can run for over. Over 20 years. I've been mostly on the carrier side actually and I moved to hop about a couple of years ago and I moved over to the broker side. So very excited about today's discussion roots and Chris still Tamara delamora from health insurance. Ontario is well. Thank you very much, for having me on this panel today. My name is Crystal Mora. I'm a senior riska engineer with Hub. International. I look after large, clients all over North America,

from a risk management perspective. My background is actually in manufacturing. I've only been in the insurance industry for 3 years now, but I did a lot of risk management within the heavy manufacturing fired coming here. So I can I look after our large clients throughout North America, but it's manufacturing commercial residential, the larger buildings throughout North America and we obviously try and get on safe before. People take a look at the risk of head of time. Make sure that claims don't happen. And that's thank you very much for having me on the panel today. That's

great. And we have, I just want to make a note again. Your everyone is it was joining us right now, welcome to shoot all questions that we can take up at the, at the end of the hour. So, so let's start now with an overview of the insurance markets. It's been a lot of talk tonight. He's been sort of the next big Tech way to hit the insurance market and interesting. Lee. This is coming at a time where we've had this massive shift to the work from home and a lot of businesses are have engaged in the re-entry or are about to get engaged in the re-entry to commercial buildings.

And so the same time, we have Property Owners there continue to be interested in insurance services and they're always looking to prevent some potential risk. So I'll start off with them with Sandra. You can take us through the reality of today's Insurance Market. Yes, I think there's a lot of non-insurance folks on on today's session. So I thought, you know, it might be helpful just to talk a little bit about, you know, some of the factors affecting Insurance in this day and age and the insurance industry traditionally goes through. So Market Cycles. Are we call them soft and

hard Market cycles. And salt Cycles are Marching to use under a lot of reality folks on the line today. Is it by us markets? So rates are low limits are cheap to buy and then obviously the. So it's very, you know, friendly to to do two clients and insurers are the heart Market. On the other side is one that you know, she's increasing rates and Tighter limits and too tight on the right hand controls on the carrier side and all that is the environment that we are probably have been facing for the last

couple of years. That's driven solely by You know, the profitability, all by insurance companies. I'm Interest really make money in two ways to make money on their insurance and underwriting in. For me. I do writing operation meaning, they collect premium, but they pay out claims and then the second side of that is a make money on investment income. And so they take the preacher that they collect up front and invested. So that's how I'll do that. And that's often a 50-50 kind of how their profitability works out from the investment side, how from the underwriting operations, and

we've seen some some, I guess Schiff. Star Market factors that is affecting. Profitability and insurance have really struggled with return and equity, and that profitability, one reason being, you know, historically low interest. Interest rates. So the investment side of the house is very, very challenged and now it's cold at that is even a bigger concern, you know, we haven't seen interest rates in some countries even negative enter. Bright affecting the investment side for insurance. So that means definitely more pressure on the other Rising side to ensure that

operations underwriting operations are are profitable. And we seen in the recent years that would drive that profitability. We call it a combined ratio, which is the Lost racial, plus the expense ratio and that combined ratio should be under a hundred and interest really have not achieved that our profitability level and there is a number of factors for that as well. We are increasing our catastrophe, type of losses, weather-related losses. We've seen, I think the Insurance Bureau of Canada showed that between 2016 and 2019. All those years made the

top 10 of Lost Years on on record from catastrophe, weather-related losses, right? So, we're just seeing an increased number of those are all those types of losses. And then there is what we Call a social inflation. I lost costs are going up because we are more litigious as well as a society, you know, something that we usually talk to about all, you know, you South of the Border. But I think there's also in Canada, increase the same class action, lawsuit, larger settlements. And then just a simple, a replacement costs have gone up and I like to use the example, you know, a windshield is

not just a piece of glass anymore on a car. For example, it's a sophisticated technology that works behind it. Still fixing that as becomes a lot more, a lot more expensive. So those things have really driven up a lost cost for in-store us. And, you know, we seen this in the in the property Market over the last couple years where loss ratios are, you know, well in excess of 70% and a trolls are now able to to have a lot more data that can really drilled down and we're lost. Coming from so one segment and I mean we'll be talking about this for a residential Realty has been Additionally,

very, very challenged. So Insurance know that and rates are being driven up in those areas. So, you know, we just had an insurer last week. I got a bullet from one of the carriers that they will not no longer in short buildings built prior to 1975 and a story. So, he can't get coverage. Right? Or unprotected. Wood frame multi-story homes, very difficult to ensure a ride. So this really breaks out into today's discussion, what we can do with coyote proptech in order to help, you know, this class A business to to

become Best in Class and make them insurable going forward. If I'm wondering them. Chris. If you have that you can add to that in terms of that someone who is an expert on the evaluating the risk and seeing at some of these Global shifts and how How that's impacting of risk, in your assessment of risk. Yeah, it's amazing and stand about it up there. But how much more underwriting is happening right now? And then I guess we'll all more engineering work is going into the account so I can not an essay talking about the market itself on the

carry recommendations are being handled. So typically like, when I lost control inspection, is completed. Does a carrier send the lost control affect your ability is all out of recommendation or sometimes his recommendations. Any findings are noted throwing the past, a lot of clients would just review these recommendations and really, they would look to implement some of them if they had remaining cap money available. There is no improvements but a lot of times they were able to just push off some of these recommendations. Sometimes just an indefinite amount of time every year, the the

Caribou come back and say what the status on them since they are, we couldn't get it in this year. We'll do it next year. Maybe keep pushing off, pushing, and pushing it off. That doesn't seem to be the case anymore. Although there's still technically recommendations. Are often insisting on these recommendations being completed or they could be a substantial increase in the premium for the carrier me. Simply decide to come off Chris. Justin. Look. What's Andrew is staying there before the carrier's? Don't want for a rest right now. And if a client isn't willing to make some of

these changes were seeing it more and more worthy of the carriers are just saying, well, we're done at the renewal so you can find someone else. So definitely seeing if I knocked it right now in the completion of these recommendations and it's definitely right now the carriers who holds the cards so they were going to continue to see that Trend as long as we're in this this hard market now, we're going to see a lot more scrutiny. On the buildings. Were going to see a lot more force from the carriers and trying to have these recommendation implemented. And in reality, it is going to

make things better for the clients. But sometimes it's hard pill to swallow, especially if you have to put in a lot of capex right up front. It's, it's very interesting that I mean, and what you said about. The venitu to sort of, I think the push to for some buildings to perhaps adopter but become adopters of virus technology, that might might reduce the risk that the seems to be sort of a, it's interesting how that is going to develop and we're its very early stages with that.

But I would, I would turn it to Cameron in the end Bill. I'm as well. But I would go to the, I think the next question just in the interest of time. There's been a lot of discussion that over the years that the insurance has tended, to be your traditional industry. And them, I would say I would ask Cameron if given what we are seeing in the of the steaks, the high-stakes that we're seeing in the state of Iowa proptech. Are we seeing if insurance is moved away? A little bit from its reputation as a as a status

quo industry, and and, and how. So, Well, as well as I would think that we are. But again, you don't. Insurance is a is an industry. That is always, very slow moving. Right? So, you know, the importance of iot and the ability to segment and get data in order to segment. Those risks. Chris is talking about how, you know, we make recommendations in our whole way. We want to work with that client work with our brokers in order to make that client a better client. So, I think, you know that this is an excellent way in order to quickly

get results. And Donna about, what are sure our insurance clients are doing with their setup, is whether the weather of your business, whether Visa structure project. I mean, it was a very important. So I think these are definitely starting to see the evolution of insurance with iot. And I mean, does the Border? You seen a lot of startups? I know, even in a few, you in Canada with new tattoo, if you were to Waterloo, We seen a number of special in the ride-sharing side. You seeing a ton of that as well as now with the user base Insurance becoming more prevalent within each province.

So, I think that, yes, the reputation of that insurance being a slow-moving. Leviathan. I definitely think And if it makes for a much Kinder Cameron and Bill them, if you can add something to that to what the others have said, you know, from the point of view of commercial property, portfolios, Sandra, Chris and Cameron of all mentioned. It's definitely. The frequency of events is like a freaking Apple this year. They ran all the names for hurricanes. They

have to go to the Greek alphabet. So that that's that's common. Now in the last few years, there has been category, five multiple Category 5 storm every year and there's those don't typically impact Canada much. But 30-40 years ago. There was a category 5 storm every three years. So we're seeing an across-the-board Weatherby. Wildfires flooding, the flash floods that happened in Toronto couple years ago. So that those are driving, the commercial clients that we we talked to that's all part of it. Where it's Good luck boys are going up and they're in the rates are going up so

that some of them are even have trouble placing insurance. So, you know, we do, we deal with a lot more clients. Now that are self-insured probably about 90% of the losses. We we tend to honor commercial side. There is a privately by our commercial and use our clients would show that owners and managers or the business owners. So that's definitely impacting their business. And this Cameron saying, I don't think at the end of the day at all, we all the same client which which really are the the property owners and the the business owners and trying to mitigate losses, and also

prevent them when they gets in all our best interests. And we're, we're working. Traditional in our business. We we cleaned up the mess and rebuilt. Now, we're working more and more Upstream with our clients to, to bring technology to help him prepare to build resilience into their properties. They can just touch down that we work with Star coins that do wet, flood-proofing, dry flood-proofing investment, but there's also a lot of mini simple things they can do to avoid damage that costly damage. We we've seen a loss few months ago, was a

specially now with coldin, a lot of unoccupied properties with a coffee machine line in a commercial. Triple A office space Break. Free on the 20th. Floor that in the past would have been 10,000 5000mah. It was over $200,000 in damage because no one in the building to notice the water running for a couple days. So we're definitely seeing those changes to to our industry. And we have a unique perspective. We usually see the results of all this. That's actually, what I mean, at least in perfectly this, this the water tech detection Technologies and then the

focus their on prevention cuz I'll bring in Chicago than Bari and right now and because she is joining us from with cheese with them in shurtech, it with Eddie, Eddie solutions to senior director of Ensure Tech. If you can introduce yourself, Bridle bit more about your your Vantage Point on the industry and I would ask you from the supplier side. If we are seeing the end up, taking up, taking the technology integration right now. Specifically for r. I o t proptech And I'll just I'm just going

to meet you here. I have there. Everything's Fun Run. So damn about you the privilege of working with all these great people on this call today from our Brokers restoration of those are Insurance partner on. There certainly been a lot of movement, otherwise to technology integration in the market. Even a tiny in the last five years with the insurance brokers developers, corporate technology, whether that's into their new building or Opera Technologies for risk. Mitigation on to be able to

proactively protect these projects and assets that they have to avoid those rare souls. And it's been really a great time for a crop top technology integration right now, to cut it back off, everybody else. At excellence in them and I wanted to bring in Chris Circle back to Chris because you're with your, your engineering background. I think he might have an interesting perspective on the mail. Watch. The guy is just said greater technology of dog. Adoption. Is there definitely is a big.

I mean, it's much cheaper to invest in preventative measures that the way for a failure to occur and then makes the pics. I think the problem, sometimes it's hard to just buy return on investment risk, mitigation project, you make widgets and investment allowed, you to make more, widgets easy to see the return, but it's the return on investment when you're looking at Cost avoidance. Prior to joining, all by came from heavy industry. And I worked at a steel manufacturer. They're doing a lot of risk mitigation, but there

was a massive push at that point towards preventive and predictive maintenance real-time vibration analysis temperature in Alice's thermal imaging, human element programs. Whatever it was. It was all about getting in front of the failures before they occur. I think that's what we're talking about here as well. Today. It's the same thing happening in property risk management. Now the goal is to prevent the incidents before their car, for detective failures, very quickly and and have them and react to them before they become larger. You just heard about the example bills

out there. I mean, that's exactly what it was. That there was a small failure. No one was able to detect any wild $200,000 damage yet. How about the top one? But what we're seeing now is more more smart technology. So we're algorithms can access data in real-time and make changes. So more more of these visions of becoming automated. So we're seeing systems automatically make changes if they detect something to shove something down, or they will send a warning. So it's pretty much quicker response time. So I think we're going to continue to see

more and more of this investment as we continue to move forward. That's excellent them. And we had a question from the audience. I'll just throw this out there and we can come back to it, maybe in the next question. But this audience member wants to know if, if I'm painting the panels can describe the Practical example of an iot applications that you're currently ensuring. I think, I think we probably already Lou to some of them with some examples, but they all just skip that for now. And I'll just come back right after right after this. Next question, about damage mitigation.

So I wanted to want to turn this over to bill because this is experiencing the Restoration World ride Beach to knowing How is technology become a part of what first on site and others are doing? Because of the there does seem to be that seems to be a thread. I forgot all of that. Didn't have the comment. The commentators just just dust far that damage mitigation is going to be a big big driver for for them to take up iot. Thanks,. I think that Chris was

talking about just a minute ago and ended in our business is as mentioning before traditionally, wee-wee mitigated and help businesses recover and rebuild. And now we're working much more Upstream with our clients. And we're actually, we have some Pilots with the Eddie Solutions right now with the customer, Keith commercial clients to to put in technology for leak detection, and smart valves, and things like that. Now, we're working with our commercial clients in preparedness and prevention measures. Now, we're able to use some of the data that we collect on

frequency in and try to Target the risks. For example, one of our clients in the US as 17,000 retail locations. So it's not practical to install technology in every single retail locations of these are Big Money. Drivers with the with each location, but when we use the intelligence and some of the day, We can, we can then Target the higher-risk location that we're seeing multiple water instances, water losses, for example, and Target those with, with the technology to this, Christmas saying, it may not prevent everything. Like we met some things, but it'll might take a

$25,000 or $50,000 loss and make it a $2,000 loss because it was detected right away. So in our industry and has money in business, interruption in damage, mold growth, all that kind of stuff. So, really working Upstream to help prevent these in these instances from happening is key in and we, we see our rule is being a true partner with our commercial clients and Mission before. Historically, we would clean up the mess and rebuild, but now we're working more and more with with Parker's in the insurance industry and and the commercial owners and And businesses to, to help me

prevent things to ask rate and Cameron are you, I would need to ask you, if you can describe an example and I would see that you're currently ensuring or that you're going to see, like me to see more more focus on and coming years,, said, definitely in the home people, people are are definitely vests in their only stays in basement Renovations. And, you know, that the common basement renovation now is it's it's quite quite fusion with it with a kitchen renovation, these days. But, you know, we use obviously are on X which are high and high and homeowners program. We use the Eddie Home

Solution. So, what we do is, we, we provide any Home Solution free of charge to our clients and we play with you guys. We offer rebates to the client in order to offset the service fee. That is real that you have to pay with. The number of appliance take on this and you know, it's definitely the water shut-off component of it is, is one of the things you have a lot of people in this demographic that have multiple residences weather, seasonal residents for their primary residence for their condo, do certain things. We've definitely seen a lot of about take on that side of things with the

water shut off. But not only an alarm, but the ability to shut off the water. In case of a situation. We have a fridge, water line, let go and you're not home or, you know, there's some pump failure. So that's those, are the kind of things that we've we've been using in our world and it definitely, the more you can mitigate on the side of things, the better the risk. And if people invest in these things that just shows pride of ownership in their ability to create redundancies in their insurance plans, so, you know, we work closely with what, with a home as well as how to make sure that those

clients are or having those opportunities to, to invest in the IT world. About another kind of iot Technology perspective. Now outpacing any other type of lost out there. So we also similar to what camps that are partnering with Eddie on on a residential product for high net worse. Hot water protect to to break, you know, to do to make that up to show the guide of a return on investment to all these how they can lower their Shorts cost by implementing that type of Technology, right? We'd also like to see that all the commercial side. I have an example of where, you know, we have

a loss wear that type of Technology could have prevented it. And it was on a commercial or property, which suffered a contractor cut, the main water line, and it cost six million dollar lost. So, There be a water shut-off installed on those on that pipe. That could have prevented it. So, I mean it's it can be a huge impact. So if it's that type of technology is implemented early on not just for the homeowner ultimately, but even throughout the building, stay just because it can lower the cost of build a stress policies. So, you

know, the earlier in the value of these type of Technologies can be implemented at the better at the big of the savings all along, right? That's really, I think we're as as Brokers are, you know, we we need to come in to demonstrate that return on investment to our clients at. It's not just a capex Outlet at the front but there's a real pay back over the life cycle of that asset right from the development stage out to the homeowner states rights and that goes for all other types of coyote type of Technologies. And the cost of those Technologies is coming down significantly as

well. So I think we are seeing So, it's not that you don't cost me up front. Yes, that's, that's an excellent perspective on that. And I would, I would ask as well. Maybe bring this question to back to the bill. Gift giving me this this Evolution that we're seeing. How are our companies insurance companies, going to use this to sort of improve their their bottom lines. Is it going to be more kind of adventurous Partnerships with different players in the industry. Let such as a Telco was orione, connected, home

providers. And in the industry, how will how will you serve a gauge this progress? The industry and then you can I use the best. I guess, use the low-hanging fruit and Anthony are the best candidates for a form proving that proving your bottom lines. Okay, that's part of the insurance company's bottom line. I'll leave that to Sandra Cameron and Kris to talk. Like what like what I can I can address it is the the interruption to businesses and all of our best interest. These are essential businesses in our communities and

and costs go up to those businesses that affect everybody. When they have interruptions that are caused by things like water, losses, and Sandra mentioned. That's the largest, they see the insurance side. We definitely see the same thing about 6 between sixty and seventy percent of our responses are to do with a water loss. Even if it's a building that had fire, most of the damage is tip, even though they smoke a lot of times, most of the damage is caused by the water that. But so end of the day that water is has the biggest factor with with some with damage and I

think just generally as if you look at the macro-level Economy with, with these frequent frequency of these events, whether their natural occurrences or something, that's happened. A lot of times incident happened with pipes, freezing or projects is a standard was just mentioning. We see lots of incidents when projects are happening in the building human error, mistakes pipes burst get caught and they know that's an amazing example, six million dollars in damage with a water main and that's a lot of that. So I think as far as our

entire economy goes, I think it's in all of our best interest and the byproduct would be the insurance companies being having a healthier business, to, if things are a lot more predictable. And then also, the damage is mitigated in an, in a timely manner, keep his business is open and also reduces costs across the board. Yeah, and I see that there are a number of questions have come in about specifically on the leak detection, technology and done. I would maybe ask I would ask. Dylan, you know what

are insurers contemplated making this. This sleep protection. Manage word for coverage? Just given it such a large lost driver during and post construction. We're talking about commercial a multi residential environment. Some like, like the way that fire suppression specialist is always has long been a requirement. We're starting to see it in new construction. Maybe Sandra can talk about the choir Mentor. We've seen the new construction. I think it's a little easier to put it on early in the game.

When the other construction happening, do it after the fact that they have to be a lot more targeted. And and I think we're starting to see interest lot of interested from the insurance companies and no similar to the the ways you get a, some kind of Discounters along the lines of having managing risk. So there's definitely a lot of interest in in, in prevention factors because it's a little lower, the cost of passports. Yes, I Saundra if you wanted to add to that, man, dating it. I don't know that we need to let SATs come to that point of, you know, I think

there is again, a lot of benefits that song that everybody the insurance companies and the clients can Garner from implementing. Technology on on their all and right again. As a broker, we need to help clients connect those dots and showing that return on investment and the saving say that can realize I mean where the competitive industry as soon as insurance realize better bottom lines on the other. I take it will be passed on to the clients and former Premier Productions, right? I saw. So that's that connection needs to be needs to be understood ride. And,

you know, I mean The industry makes a huge investments in a short track as a whole Ride part of those are there to drive down the expense ratio and your chip away at that one percentage point at the time, but if you can reduce a lost cost for loss prevention, those are game change our kind of bottom line savings, right? If you can save a $6 loss. I mean that breaks down your loss ratios by huge percentage point. So that investment is it is even more important. Then I'll maybe the expense right at

where the transmission. Yeah, I think we see this in the healthcare industry where there's a transition from investing in treating illnesses to preventing illness. Has a very similar in Insurance were seeing that. Now, we are investing as an industry in preventing these losses because we understand. I think that that's where the true savings are. And those are savings, that will be passed on to the clients, undoubtedly. Estes. Excellent time. So I thought, I'd rather, rather than going to a next panelist with. With that question. I'll just jump. I'll skip to

skip back to the questions about Technologies. So is AI in machine learning? Okay, that's one question. That would be for Chris, Chris Belinda shikaya. So will AI machine learning help in the long run? We talked a little bit about already about how the use of data will make it possible to add personalization and then in the insurance and I may be smaller risk groups by helping investigations. And could, you could you comment? First. Chris on. What, what do you think? Those elements those technologies will add to her help in the long

run? Yeah, okay, but actually just before you jump into that. I don't want one last point on the last question. They're talking about making the sensor. I think fire suppression that's being mandatory because it's more of a life safety issue fires off. So you can much more often at this chance for people to be killed or injured in a fire than water prevention. So I think we won't necessarily see at mandated detection systems in there. But the Sounders point, we could see reduction in Premier if you do have those

things in place, but I was just my two cents on that question. Their machine learning. How is it going to help in the long run? It's, it's definitely going to whether we called machine learning, artificial intelligence, algorithms industry, 4.0 is so many different terms out there. But whatever term it is, it's going to have a big impact of reduced. Wife is simple. It's cuz we're going for bent into incidents before they occur or like we can say, if they do occur, automated systems can react and take action quickly to reduce further losses. So from a risk management side and

insurance, I wish you really see both the frequency and severity of flames go down. So we should see less claims because we're about to go, we should see the severity go down because if they do a car we can react quickly. So no one wants claims to care. Doesn't want things. The client doesn't want to claim. The broker doesn't want to claim. No one wants to see these things. We're trying to find Solutions. So people can avoid claims insurance is there for when cleaning the car, but ideally we just want to see the claims go down. Oh, I made it will go to Ishikawa and then bill.

Did you want to get? Psychotic kind of like the benefits from a. I am machine learning and various different Industries on that are already utilized in this and I believe it. You probably one of the features that says Eddie apart from the market, as we're utilizing the AI machine learning everyday, with our products, in order to have the algorithms to be able to provide us. The ability to successfully be able to detect leaks and ultimately stop a major water damage from happening. So

that's always the, our use case for machine learning. But there's so many other use cases that Technologies are utilizing this for in the industry that are benefiting from this today. Thanks. Thanks for Kaya in the bill. Ai and deep learning of a shameful thing is definitely my level of expertise. But but what I can say is it would definitely automate what we do now manually for some of our commercial clients that I have a large footprint and many properties, whether it be Banks, a retail locations or office or

industrial with, with many of our clients. We weed quarterly, look over all their losses and manually which is quite an intense effort. Try to look for common threads and root cause analysis and to be able to dress the, those locations that may have had multiple losses, or is a Common Thread through through their portfolio. And that's really a labor intensive. Effort to to do that manually, add we do it now. So any help by using the data and artificial intelligence to the speed up, that processing be a lot more targeted and smarter about how we

How we would look at risk in these in these buildings? I think wouldn't would really help at the end of the day for sure. That's, that's excellent. I'm just going to, I'm just going to head into the panel, the the questions that have come in from the audience, and there's their number of questions, hit on the point about. So what's what are the insurers are going to recommend to wear to their their new clients or smaller businesses? For example M11 the smaller companies and businesses. So they may not be is equipped to handle

disruption that mean I have the Deep Pockets in them. What is your advice to for them to be ready to implement changes in and sort of related to that? How, how are the insurance companies? Work with startups to to introduce some of these new risk? Made it a risk mitigating text into their business. Maybe I'll go to Cameron for that. Obviously. We want to work with the with small businesses to start technology. Not looking to increase costs relating to prevent lost,

save money work together. So we know they know is there are many many solutions out there, and we're trying to work best with which one fits that. I business, obviously not creating a situation where they're spending, you know, half the revenue on on loss, prevention for obvious reasons. I think I'm always looking for opportunities. I spoke to his recently, with, with a alarm in home, alarm iot Solutions. We're always looking for a broken up with someone about detecting electrical current increases. That might be fired. We're always looking to

switch small businesses and relook at we look at. What's the cost to us to give it to her client. Can we discount? What's the Best method to we're always looking for those opportunities with startups to the next best thing might be up there. There might be another Panacea for a lot of the issues that we do have with changes in climate changes in customers expectations. So that's that we're very open to be looking at that. We actually had Northridge have an entire department dedicated to Innovation around coyotes and start over and start up. So we're happy to speak with anybody saying

was listening to call her, happy to look at it and see what we can do because we love to work with our broker Partners. In those startups to, to make a solution that would definitely benefit benefit the safety of our clients. Yeah, and Sandra, I could you add a comment about, you know, how do insurance insurance companies, Mike's work with them smaller smaller. Companies are businesses that are that they want to be equipped to handle disruption. But Sunday, maybe a little bit intimidated by the opportunity, presented by a coyote

to help the clients. Look at the entire universe solution set can be deployed depending on what the needs are right. So, and that means negotiating those discounts with insurance company for those best-in-class rests, right? So, I mean, there is still particular on the commercial side. It's, you know, the rates can vary significantly from a best-in-class service to a year average risk, right? So and that's why, you know, we have folks, I don't need for us. It's been a big focus at hop on specialization wrist.

I'll be coming or complex. And we have identified eight, Specialties segments and real estate and construction or two of those segments that that we are focusing on to really help clients of all sizes, to find the best solution for them. And, you know, ultimately what we would like to see is that the cost of implementing Bells. All those Technologies are paying for themselves at the radar premium, right? So that's really essentially what what we're trying to get to, so that there's a cost savings. Now, the problem often is, it's, it's a bit of a chicken-and-egg, right?

For the insurance carrier us to provide those discounts that eats data to show that, you know, claims there's a real reduction in the cost, right? And that means I need a lot of data in order to build that into their pricing models, but that means we need more of these systems to be installed or deployed in order to get that date. All right, so I'll but I do think that you Anna even at a desk level underwriting that there are definitely and Chris alluded to that earlier, best-in-class wrists and clients who are above have better Santos, will see an immediate

discount in in their in their premiums, right? And and that should pay ultimately for that technology, right? And again what I can't stress enough as earlier in the value chain, solving the developers on the floor today, the contractors who are building, you know, what, new new new properties. They can price it in right into the cost of that, ultimate what that acid as worse, right? And they may be able to sell a condo farro, you know, a few thousand dollars more because there's a smart whole package installed, right? So the earlier that decision is made the early. You reach

out to your broker about, you know, what, what is a viable solution at? What can be done, the better, the better it is, That's excellent. That's a great perspective. And I was just going to add there. There were some questions that came in about this sort of, boring of ideas, and approaches from the industrial internet of things. And I think because Chris, you had made a comment earlier about on some applications in manufacturing. I'll just put this question to you. The question from the audience this audience member was

What what other risk mitigation measures do you see? Moving from the manufacturing field into commercial buildings as an example vibration data and FDD from your HVAC system, for example Yeah, so I look at this similar to if you think about it, like Formula 1 racing compared to your car that you have at home. You see the the stuff happens on while this only technology advances that happened in F1, race cars, and now they've worked their way down to your home or automobile. Same is happening right now. In Industry

working. Its way down. I mean, in the past, you have like vibration analysis on a $500,000 motor horsepower mower that's running 24/7. But we're seeing now is more of that coming down to the smaller commercial and in the larger residential buildings as well. So yeah, you are. So the new are they still have vibration analysis on the bearings. Are you? If you're trying to see some some movement on the fan, something got an alignment. We're going to see more and more that it's it's working. Its way down.

It's taking time. I think like the allusion to a sander. I just say we're going to have to serve see a bit of a balance with the carriers as well as providing a reduction in premium to allow for more of these things to be put in too much of you seen that when you drive a car, if you put one of those meters on your car in a record, how you drive? And if you drive properly and I know I don't want to lose our meters on my car. Do I drive way too fast for that? But people who put those on and drivers possibly they're seeing an individual reduction in there, the premium and that's going

to work its way down. Sounded so weird to go, she ate a lot of times when you have a best-in-class client, you can negotiate and get better rates for them more work. It's working its way down going to continue with your work its way. We're seeing more more at home and then small residential areas where you're seeing some of these technologies that used to be only for like the large manufacturing areas, they're coming into. Into smaller and smaller buildings, and we're going to see savings. And I'll just go to one last question for the group here

and I'll ask him, maybe bill would answer it to first. So the first this person from the audience wanted to know where it's kind of comes back to what we were talking about earlier, but given given that justifying return, the best, return-on-investment our risk, mitigation can be so difficult. What mechanism skin insurers and Brokers, put in place to drive a dachshund for these Technologies and their customers portfolios, and it, it it, it does speak to a little bit for the knee to For new kinds of Partnerships, perhaps in this this evolving

iot ecosystem. Like, for example, in the, in a commercial building, where, where previously there there may not have been a natural alliance with the with some outfits that on, let's say, on on theft mitigation there. Now, there, there may now be those those opportunities, for example, that the iot. If there's a parking garage technology, that, that, that would be serving natural kind of touch point in terms of the unit data collection, and mitigation Bill. Did you can you, can you comment on that

Saint what strategies can be used to drive a dachshund for these Technologies? I think the biggest thing is real, first of all by our Insurance Partners, it's it's all about incentives and 4 for our field to drive adoption from the owners and and the managers and business operators in. But also it's it's interruptions to their business. When I'm looking at a commercial commercial aspect just starting somewhere, I think works seeing. Usually they know

their areas of risk, that the technology, the cost of the technology is it is coming down. Even the two years. We've been working with Eddie Acosta coming down and it's becoming more targeted. They work with tailored Solutions, soda week with our clients that can be here with doesn't have to be the full meal deal. All the time. They can be very targeted and specific to handle risk to start. And then they can evaluate the the ROI on investing in that technology beyond what what insurance incentives may or may not be available.

I text Linton. I think that's that's all the time that we have for today. And I wish I wish we had, or, at least, in this panel. I'm sorry that you have. We have been exciting times coming up, but we had a number of questions that came in and I'm, I'm only sorry, we weren't able to get to all of them, and I really appreciate the comments. The active participation from the group. I wanted to mention that everyone listening now can can learn more about some of the participants in their company's Northbridge Insurance, Onyx health insurance. I have insurance,

the first on-site, the Energy Solutions at their trade show booth, just by visiting the exhibit hall in the main lobby. So it's been absolute pleasure. And I think we'd learned a great deal about how How can how insurance industry is being on shaped by this, this new wave in technology and it will also intern shape shape. The property industry is very interesting ways. So now I'm I'm just going to introduce and let everyone know that we have another session coming up

in just a few minutes. And it's the pound called Tales from the Frontline. How buildings are leveraging iot and its features features speakers from Access IXL, IXL, IXL tridel, one Valley, and Microsoft in bound to be very informative one. So, I hope everyone enjoy this panel and I, I look forward to the upcoming panels. They continued exploration and insights on iot, and real estate construction Insurance Property Management. Thanks very much. Thank you. Thank you.

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