The Insurance OG of Prevention; Technology Can Starve Wildfires of Fuel

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Predict & Prevent

The Institutes

26 episodes

4 days ago

An exploration of an evolving strategy to combat the biggest risk challenges facing society today by working to eliminate losses before they occur. Host Pete Miller, President and CEO of The Institutes, will examine what the transition to a Predict & Prevent strategy means, why it is urgently needed and how cutting-edge technology and resiliency are making it a reality. In each episode, leading experts and business leaders will share the tools and strategies they are applying and how they are overcoming challenges along the way.

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Management

Technology,

Business

The Insurance OG of Prevention; Technology Can Starve Wildfires of Fuel

Predict & Prevent

47 minutes 30 seconds

2 years ago

The Insurance OG of Prevention; Technology Can Starve Wildfires of Fuel

A focus on prevention is just as critical to the success of a nearly 200-year old property insurer and its customers, as it is for a robotics startup that eliminates the fuel that allows wildfires to spread. In this episode, Pete talks with Randy Hodge, executive vice president, staff insurance operations for FM Global, and Anukool Lakhina, CEO and co-founder of BurnBot, about how each organization applies research and technology to proactively mitigate climate risk and make businesses and communities more resilient.

Segment 1: (01:52) Pete and Randy discuss how FM Global was founded on a belief that most losses are preventable, the benefits of pairing risk engineering with research, ideal customers aligned with insurer's philosophy of loss prevention, creating resilience credit to mitigate climate risk exposures, expanding suite of climate risk data and insights, adopting aerial imagery and AI for remote risk analysis, and the importance of investing in research to stay ahead of evolving risks.

Segment 2: (27:59) Pete talks with Anukool about personal wildfire experience that led he and his wife to create Wonder Labs, charting the intersection between disasters and emerging technology, using BurnBot’s advanced robotics to scale fuel treatment, the imbalance in resources for prevention vs. recovery, increasing investment in wildfire prevention innovations, and how insurance can incentivize fuel breaks and fuel treatments to harden landscapes.