The Ryan Hanley Show - RHS 175 - Izik Lavy on How Property Data is Changing Property Insurance

Episode Date: March 30, 2023

Became a Master of the Close: https://masteroftheclose.comIn this episode of The Ryan Hanley Show, Ryan Hanley sits down with Izik Lavy.Izik Lavy is the CEO and founder of GeoX Innovations.GeoX experts use machine vision and deep learning technology to automate fast and accurate extraction of 3D objects from aerial imagery and create worldwide property databases. This property data is for Insurance companies to study property features, get current property intelligence, effectively process claims, streamline underwriting, and evaluate risks resulting in significant cost reductions and lost revenue capturing.Don't miss this conversation...Episode Highlights: Izik mentions that the goal of GeoX Innovations is to help insurance carriers offer better insurance and understand risks better, and help carriers predict events and notify their clients to take proactive measures. (3:47) Izik explains that his passion for geospatial and public information led him to create something valuable that protects people's lives and properties through the insurance industry. (7:47) Izik explains that GeoX Innovations uses a variety of data sources to provide the most recent aerial imagery to insurance carriers worldwide, and they prioritize providing good service to everyone, regardless of their location. (14:21) Izik shares that GeoX Innovations works closely with insurance carriers to provide insights and data on risks, and they analyze the raw data from imagery and combine it with claim information to determine correlations and ROI for carriers. (21:27) Izik mentions that their platform is currently used by insurance carriers and now they are working with insurance agencies to help them target their clients and find the best opportunities. (35:08) Izik explains how their technology helps agencies target the specific properties their carriers want to insure, giving them a competitive advantage, which also helps agencies meet their carrier commitments and expand their opportunities beyond their local area. (40:07) Key Quotes: “Our mission is to help the insurance carriers to provide better service to their clients, to reduce the risk and also to provide a new revenue stream, and the way to do it is by providing them insights, with data insights.” - Izik Lavy “I create relationships with insurance carrier. And I think this is like when we try to understand how, as agent, we can create our future more clearly and also create more profit. I think one of the biggest things that we need to do, the action that we need to do is understand our client better.” - Izik Lavy “You can make the entire sales cycle in one phone call. And this is eventually what we tried to work with agencies. And we want for them to be able to focus only on and say, how I close my next call, and not how I call to the next client. I asked him the question, I investigated, receive the information. And after this, calling him back in two weeks, and try to call, closes a deal. So, this is a thing that eventually we are trying to cut.” Izik Lavy Resources Mentioned: Izik Lavy LinkedIn GeoX Innovations Reach out to Ryan Hanley Rogue Risk Finding Peak Learn more about your ad choices. Visit megaphone.fm/adchoices

In a crude laboratory in the basement of his home. Hello everyone and welcome back to the show. Today we have a tremendous episode with you with Isaac Levy, founder and CEO of GeoX Analytics. Where we're talking about what is possible when we can infuse real-time geo-based data and analytics into the insurance experience, what is possible on the other side, why you may never have to do an in-person physical review of a building again, why that day is coming, why we never have to drive by and take pictures or do walk-arounds because satellite imagery, video imagery has become so good that it just may not be necessary. It certainly may never be necessary for the quoting process again, but you're going to learn all that during the show. Before we get there, guys, if you love this show, please leave

us a rating review. When I do reach out to speakers or guests outside of the industry, they look at those ratings reviews as a way to justify if it's worth coming on this show. And I think if you listen to this show, you love when I interview people inside the industry, obviously. But sometimes I like reaching people outside the industry, and that helps so much. So I very much appreciate it. I know you've been longtime listeners to the show, and it feels weird leading a rating and review on iTunes. It almost feels a little trite, but it does help me.

Honestly, they look at it, which is weird but true. That being said, if you love the podcast, you may also love the blog, FindingPete.com. Go to FindingPete.com. Stick your email in there, and you'll get all kinds of really good articles delivered right to your email. No spam, all articles, and check that out. And then I want to give a quick shout-out to Tivoli, T-I-V-L-Y.com, T-I-V-L-Y.com, T-I-V-L-Y.com,

T-I-V-L-Y.com if you're looking for more commercial insurance leads. And I don't mean leads like data leads emailed to you. I mean legit warm call transfer leads to the business owners that you want to write, that you get to tweet the dials, your phone rings, and someone from Tivoli hands you a lead. You're talking to the business owner on the phone. Guys, we have an incredibly high hit ratio with Tivoli leads at Rogue Risk, and we've been partners with them,

paying them every month as we do today for almost, yeah, we're right around the two year mark. So big fans of Tivoli, super excited they were willing to be a sponsor of the show. Love that, and I'm happy to share them with you because I love sharing good companies with you guys. So with that, let's get on to an incredible conversation with the CEO and founder of GeoX Analytics, Isaac Levy. I'm going to shaboom! So yeah, we can get right into it. I like to kind of start hot and start fresh and not waste all our flavor before we hit record or whatever.

So, you know, I appreciate you coming on the show. I think, you know, I took a look through what you guys were doing. It seems ridiculously interesting. I have a ton of questions, but I'd like to start kind of at the part that people find oftentimes the most interesting is like, what's your origin story, man? Like, where did you guys come from? Where did you come from? And where did the company come from? And you don't have to do every detail, but what you think is pertinent, and then we'll dig in.

Yeah, I think that our back one is coming from the tangent scope. We were responsible to provide corporate information from very critical decision makers. So typically, the need is coming from many industries, not only the insurance carrier, but I think that eventually insurance carrier suffering the most. And this is exactly where we are coming to the story and say, okay, we want to help the insurance carrier to give better insurance

and also to understand better the risk and also to notify the owner what is the risks that they have. Because eventually we see that insurance carrier, they are like a channel to the owner what is the risk that they have. Because eventually we see that insurance carriers, they are like a channel to the owner. And if you want to reduce, if you want to help to the owners of the property, the best way is to get through the insurance carrier. And I think this is exactly what we are trying to do. And this is what we feel that insurance carriers eventually, they're paying the bills most of the time.

And this is exactly where we say, okay, if you're looking at the numbers, one minute, just to understand the point, because we are in the insurance space, so we need to discuss about the numbers. So in 2000 to 2010, insurance carriers lost, only in the United States,

only property, $200 billion. And one century after this, in 2010 to 2020, insurance carrier lost already $520 billion. So it's almost like, you know, it's increasing by 260%. And it was like a century over a century. And according to all the analysts, we're going to cross the $1 trillion in losses, only property on United States. And it's causing us huge, huge losses, you know, just, just to pay claims and it's not give any value to anyone.

I think this is where we are trying to, to get to the, to the chain and starting to say, no, as insurance carrier, you can predict the events and you can also help to your client, give them better service, notify them. So for example, if you live in California and you have, let's say, many trees and many vegetation around you,

a huge amount of vegetation around your property. So by insurance carriers say, okay, look, we see that you're not handling well with your vegetation, please cut the bushes, for example. Make action to protect your property. And eventually when insurance carrier can give this comment to the owner of the property

or for commercial property, for example, to make action to reduce the risk from storm, to reduce the risk from wildfire, to reduce the risk from hell, et cetera, to all the type of risk, even from flood. So eventually they will be able to save more properties and also to save lives as well. So I think this is like the main goal for us.

And this is why we're so looking and so like the insurance industry. The influence is huge. How did you get into this? What was your spark to, to, to, to start the company? I mean, I completely agree with, with your premise on the business a hundred percent. I mean, understanding, you know, proper building valuations, proper building risk management, all those kinds of things create drastic and significant and almost immediate improvements in both underwriting,

losses, properly capturing enough premiums to pay claims, all those kinds of things, 100%. But like what, you know, I'm sure, you know, your boyhood dream wasn't to be a geographical building data analyst, you know, where, how did you get to this point and what sparked you to create this company? So I think first, I really like this industry of the geospatial and pop tech information. This is where I first find this industry in the intelligence scope. And I really love this. What you can do with the data, it's huge. And I think this is where I to to be in love in this uh

industry and after this when i understand okay so what is the next step how we can create something valuable you know there are many many sectors and many industries that not provide value but you know as a as a as a young generation we're always looking okay how i can provide more value to um eventually to the world like if i will die tomorrow like what is the value that i bring to the world like i just you know breathing and sleeping and etc so by looking on this direction i said okay the biggest value that they can provide eventually is to do x Z. And as I said, to protect properties and to protect life, eventually, with property information.

This is eventually, okay, so what is the role to do this? So we're also working with, for example, with the World Bank, as well. Also, we worked in the past with FEMA, Federal Emergency Response of the United States, to make sure that... So we not only do direct insurance carrier, we're looking on another area

to um to eventually to protect um to protect people lives and people properties and to make make the life better for all of us um so even from the small things to big things so i think this is uh what what is what is good in insurance industry again. Again, it's the wonderful industry to make a change because eventually they pay the bill for everyone after the natural disaster, after losses. So that's tremendous. Thank you. So when we're thinking about this property information, you have both residential and commercial buildings.

And one of the things that seemingly separates you, and I'm interested in this, is the idea of this 3D aerial imagery. What does that mean? How do you collect it? And why is that an improvement? Why is that an advantage? So I think when we're looking on the entire area, we need to create, not only looking on the 3D environment, also we need to look on 3D environment. And I think objectively, when you're looking on the 3D environment,

you can receive much more insights. I can give you from the smallest insights. So there are water body, and you know what is the distance the smallest insights so their water body and you know what is the distance between the property and the water body but when you have the uh the 3d information like what is the height of the property and how many stories you have there and also the water body what is the height of the water body and what is the distance so it makes the entire picture differently so if the if the water body is very close to the property, but actually like 10 meter less or 20 feet less,

so for you, the insurance, so the risk is very low. But if the water body is very high, like even far away, but very high and significant water body, so typically you will understand better your flood risk. And from stone, for example, if you have a tree around your properties, so when you know that tree, okay, fine.

Like every area in California, every area almost like in Florida, you have trees around the properties. But if you know, for example, what is the height of the trees, so you know the trees is two times this property and it's very close. Or, for example, it's only one meter, this tree, and it's very close to the property. So the entire risk is changed.

And this is exactly what we will provide. We can continue with the slope of the roof, for example. And you have this information like today on the NADCAP modeling, like AIR, and it's feeding this information and it's missing from a trans-carrier perspective. So where do we provide this information? Some of this already including and some of this is not including,

but it gives you an entire different perspective on the environment. Yeah. And also by the risk. That's a really interesting insight because I'll tell you, that's the battle. insight. Cause you know, I'll tell you, that's the battle. So where I'm located is upstate New York, the Albany New York area. So we, we actually people who aren't familiar with the

geography, it's actually where the Mohawk river, which is, which runs West to East and the Hudson river, which I think is the third largest river in the country, runs north to south. It's where they meet is basically this Albany. There's another city, Troy, but it's where they meet. And it's a valley. So there's basically two mountain ranges. And then the Hudson basically carved out this valley. live you know a quarter mile or less from the hudson river that are 400 500 feet above the

hudson itself because of the the slope right there's a tiny amount of flat area and then it goes goes up the the basically albany and and troy are built on the sides of hills and ultimately not mountains probably more like hills but but, you know, smaller ranges. And, but there, there's no, there's no risk of the Hudson. If the, let's say if the Hudson river floods, those properties, we have much larger problems as a society then, then, then that, then that flood, you know, at, at those places. And you would have battles with the insurance carriers around flood issues and water issues. And I'd be like, no, I get that

this pin and this pin are too close for you if it were flat, but it's, it's, you know, people can't see me, but you know, there's a substantial difference and you'd have to have this battle every time with them about that. And, you know, it just, you know, and what I'm hearing you saying is that at least in that one particular use case, this type of 3D imagery solves that problem. You can give them both the height and the distance and say, look, there's no chance that this property floods. It's 350 feet above, even though it technically is within the horizontal distance that would be a flood. Is that accurate? Accurate. And actually, that might be a flood. Is that accurate? Accurate. And actually, that's my pitch.

So I think you're absolutely right. You can steal that story. You can say, I know this guy up in New York, and here's why. You can steal away. So how do you get this imagery? Like, where do you get this from? So typically, we have a couple of LNG data sources. We're not related on

only one. It's very important for us. So today we find many insurance carriers that are using some type of data, but eventually if they cover only 70% or even 74% of the entire book, it's still not giving

service to anyone. So I think to be able to provide to anyone service and good service even if you're living in suburb and in may or if you're living for example in montana or if you're living in new york eventually the insurance care need to serve everyone so i think for this and we have to work with many several we're working with several energy provider and also to provide the most recent erroronautical imagery to our clients. So this is our first priority. And I think this is regarding the aeronautical imagery.

So we use aircraft and also we're working outside of the United States. And outside of the United States, in some places, you know, there are insurance carriers that insure everywhere, in the entire globe, even in China, for example, you will find an American company that insure that. So typically we're able to serve to the insurance carrier everywhere. And this is one of our biggest advantage. So for example, in Australia,

almost all the insurance carrier in Australia are using our data. For example, in Japan, we have huge insurance demand for this area as well. So we're able to sell them as well. And also, of course, in the United States. And we're growing in footprint because eventually, like, we're thinking that we're living like in the United States and it's only our area. For example, New York or, for example, California, we're living in one state.

It's fine. But eventually everyone's suffering the same problem. And as we know, the insurance space, it's one global market. So if there are huge events in Florida, it will influence all the entire reinsurance world. And reinsurance, if it will be influenced on the reinsurance, eventually it will influence all the insurance carrier around the globe. So even if I'm living in, for example, Miami, I will have this influence.

And even if I'm living in New York, I will feel the influence of raising of the insurance carrier, raising of the premium. So I think that eventually everyone's suffering the same. We need to be able to help to all the insurance care 100% coverage and also the 3D information. So we have to leverage as much as possible data that we can. Yeah. I've actually seen one of those planes that's canvassing fly over our area before. It's kind of funny. You see this plane crisscrossing, kind of doing a lattice pattern across the area.

And you're like, that plane is what is that? Yeah. At first you don't know what the hell they're doing. And then, you know, and probably most people don't even pay attention, but being a nerd, you know, we're all nerds in insurance industry. You're like, I see, I get what they're doing. You know, they're, they're making this pattern. That's a little too, you know, it's not just someone out for a ride. Like it's, it's like a legit, I can watch them working back and forth. And it is pretty wild how that happens. So, okay, so you have this imagery data and then basically what your company, what your software you built does,

it's actually taking and it's able to analyze these pictures. So I'm assuming, is it video footage? Is it actual pictures that you're getting back? Is it, is it actual pictures that you're getting back? Is it both? Like, how are you able to decipher, you know, from this, from this plane flying over? And I guess this is probably some of the magic that maybe people who don't understand how the technology works, maybe just give them some insights. This, this plane flies over Albany, creates a video or a set of images and they deliver it to you. How does that turn into you knowing height, distance, you know, all the way down to the shrubbery of the building and how different, you know, there's a little crick behind your house that could overflow.

But this one over here is not a problem. And we need to adjust. How do you, and maybe without giving away the secret sauce, and I'll tell you, very few people who are listening to this podcast know ones and zeros. So even if you told them, they probably couldn't do it. But, you know, how does that actually work? How do you create that type of, how do you create the structure in the images is probably a way of asking that question. Yeah, so typically we, it's not too much secret sauce. Like, we go by high level because we don't want to be too much nerd.

So typically we're leveraging AI machine learning models and the most sophisticated models in the industry. And we also develop internally. So we have a couple of doctors and PhDs that are doing it. And also from another end, we also leverage an algorithm, the independent. We have several patents around this algorithm that allowed us to be able to enrich our AI models and also increase our results.

So in this key, we're able to also to provide a 3D environment and not only the 2D environment. And as we're looking, it's very simple regarding to the 3D information. So as you have their imagery, so you typically have one imagery from one that looking on the same building, like you imagine that you have two imagery on the sky

from different direction, different angles, and both of them looking on the same building. So typically you create the articulation between these two buildings and also the point of the underground. So you're able to create this 3D environment and the the secret is how you create it in scale and now you create accurate results and better data and etc etc so this is typically what we are more focusing on um and yeah i hope it was uh was in yeah no that makes a lot of sense i mean basically you're getting

different pictures of the same structure and then the algorithm is able to pinpoint the structure and kind of pull all those things together and then so you get all this this raw data from the images itself and then what what uh one of the things that you guys are doing is then taking that and actually going a step further and saying, okay, so we have all this raw data pulled from this imagery. And now we're able to say not just that a shrub exists, but that, you know, again, just using your example from before, that this shrubbery is actually creating a fire hazard situation because it's too close to a building, or this tree is overhanging a series of power lines that, you know, is in a wind zone that could easily be pulled down. And, and so,

so that must've taken a lot of, of the F I'm assuming that there's the first stage, which is the flat nerdiness of, okay, pull all this imagery, pull out the raw data. Now we have the raw data. Then there's actually the business piece of it, which is coming in and starting to execute that talk, talk a little bit about like how do you start to determine? Are there just straight regs that you're working off of? Is it you bringing in expertise from actual insurance carriers, risk management, PhDs, et cetera, actuaries that are getting involved?

Is there a whole pool of people helping you determine what the actual insights are that you should be pulling out of that raw data? So typically we, the most helping people, it's actually the carrier himself. So we connected to many carriers, to their clients, and we always looking for new demands of data and always be able to receive insights. Okay, this is interesting for us, right now is a bushes and wildfire risk is more interesting for us, or for example, storms. And this is what we try to get. We provided the data, taking the claim information as well and create and see if there are correlation

between the models and the claim data. By this, we able also to learn the insurance carrier, what is the ROI that you can get and what is the insights and correlation between their own attributes and the claim information like historical claim information. So we're able to compare it together and to see actual ROI. And after one year they use it so they say okay I'm able to reduce my risk in x amount by notify the property owners for example with the most highest risk or for amount by notifying the property owners, for example, with the most highest risk, or for example, by able to take the new sales, like the new quoting and offer a better price for the new clients.

So, and the huge amount of analytics, how you can take this information and convert it to the profitable area. And this is, I think, what today's insurance carriers are focusing on. So absolutely. So first, we're working very closely with insurance carriers. Also, we have a great advisor. He was a chief analytics officer at Chab and also in Greenery. So we bring a huge amount of information from the industry,

and we also use people in the industry to give us insights of what is the needs. And eventually, I think that the biggest insights is to work directly with insurance care and receive always feedback against the claim information and what is the profit they see after one year, two years, and et cetera. What's up, guys? Sorry to take you away from the episode, but as you know, we do not run ads on this show. And in exchange for that, I need your help. If you're loving this episode, if you enjoy this podcast, whether you're watching on YouTube or you're listening on your favorite podcast platform, I would love for you to subscribe, share, comment if you're on YouTube, leave a rating review if you're on Spotify or Apple

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leave a rating review of this show. I love you for listening to this show and I hope you enjoy it listening as much as I do creating the show for you. All right, I'm out of here. Peace. Let's get back to the episode. Yeah.

So philosophically, do you see, so part of the, the 200 billion to 520 to at some point in the future, a trillion in property losses, just in the U S you know, in, in, in, in a decent portion of that is, uh, the, the social inflation of, of actual, the, the judgments, right. We, we, unfortunately, and I live in one of those states that seemingly believes money grows on trees and is putting judgments out into the world that are, in my opinion, are bananas.

Only people who don't actually spend money could actually create these judgments. But that's part of it. Part of it is just actual inflation. Do you see, to me, risk mitigation can have an impact, but I worry that mitigation, there's only so much you can mitigate, right? Like if you do all the right thing today, you do all the right things in the state of New York and one little, one thing happens, you can still get absolutely obliterated with this ridiculous mega judgment. So, so do you see yes, mitigation,

but is it also a lot about just more like proper pricing, being able to, to, to reduce premiums? Cause, cause you know, I mean, everyone who's listening to this, cause primarily we're retail insurance, independent insurance carriers, vendors, technologists, and agents is the audience of this podcast. It's the independent side tends to listen to this show more. So I think most people are aware that oftentimes it was like, what's your zip code? What's the square footage of your house? Here's your price. You know what I mean? That's how it was done. And what I see out of this and what excites me is to be able to say things like, okay,

this house, you know, this house, 1800 square feet, this house, 1800 square feet. One could be, you know, could be 1X premium and the other could be 4X premium. And it's because of the actual factors impacting them, even if they're on the same street, right? This one could be, you know, the street could be tilted. There could be, like you say, some sort of water near this one. This one could be higher with no trees in a wind zone and could have more issues from hail damage or what have you. And it's like that type of pricing difference, me feels much more like to have as much or a larger impact than just mitigation.

Because now the carrier is going to be able to say, okay, we know a trillion in property losses is coming. But if we can price it properly, then everything will continue on as it should. Does that philosophically sound accurate or what do you think? I think it's for both ways. First, we know that all the independent insurance agencies, excuse me, all the independent agencies that typically have the, eventually they need to focus on self. And every one of us know that every point of question it's can say okay why are you asking my personal information uh for example many many clients like this why are you asking my personal question i don't know if i can answer i don't know all the

answer for example uh for many uh many clients and etc by and we And we think that insurance agents, especially independent ones, when they need to give better offering to their clients, they have to focus only on sale. So this is like what we always try to get to the point of insurance agents absolutely need to focus on sale. They don't need to ask questions.

They need to be the most polite don't need to ask questions they need to be the most polite and by able to just focusing okay how I close this deal not only how how I'm asking on his property information and how I feel this information

and more focusing on how I close this call with done deal. So this is what the mindset that we want to create to insurance agents. How I pick my phone, doing the phone call, only focusing on sales, and now I close in the same one phone call,

how I close the entire deal. And this is what we want to convert the insurance agent from today to tomorrow. And I think this is how we do it, by providing information. And as an insurance carrier, when you provide this information, you're also able to understand eventually as an agent, okay, the policy will be very high because if you cut your brush, for example, I can update the carrier and get you better pricing, for example. So they can take action to reduce the price to their clients eventually. So you can notify them. And by this, for example, if

this client, for example, will go by himself to the carrier directly, he will receive a very high price. But if you,, for example, will go by himself to the carrier directly, he will receive very high price. But if you, as an agent, already know this information and say, okay, you need to do X, Y, Z, and by this I can give you like four times less price. So most of the time you will do this action because no one like, like if it's something cost $1,000 and you receive discount, if it's commercial property of $5,000 or $10,000,

so it's much more fit for you. So I think this is where we see that insurance agents, especially independent, can use this information to create the benefits and to create advantage over the market. Yeah. It's funny. I did an interview with the CEO of Plymouth Rock Insurance. This was a while ago, maybe four or five years ago. It may have even been longer. And they were testing in the state of New York, a new homeowner's insurance product. And what they were doing was taking third-party data, such as what you're providing, mashing it together, and basically

underwriting and pricing every home in the state of New York, whether they wrote it or not. And then basically what they waited for was one of their agents to come in, punch that address in, and then the price was basically waiting. And it caused a bit of an uproar. People are like, oh, you got to talk to that. How can you frontline underwrite? You have to talk to the homeowner and da, da, da. And basically, I think he's still a CEO of Plymouth Rock, Bill Martin, great guy, very smart.

And I love this comment that he made, which was basically our position is that the accuracy of data of two or three well-done data sources is going to give us a much clearer picture on what the risk profile of that structure is than anything the insured or the insurance agent could possibly tell us, not necessarily because they're doing anything nefarious, although that does happen. You know, anyone who's ever written a homeowner's policy has bent the truth at least a little to get something in. Right. He's like, we believe that, you know, just human beings being human beings, not always remembering exactly, you know, like, you know, you talk to people, you say, how many square foot is your home? I don't know. And, you know, and, you know, we talk to people, you say, how many square foot is your home? And they'd be like, I don't know. And, you know, and, you know, we're sitting here

and going, that's nuts. How do you know how many square, but why would someone think about that? Right. They just don't, you know, they're like, ah, it's 1500 square feet, but really it's 1900 square feet. And, you know, so basically he said, you know, these third-party data sources and the increasing accuracy of them. And if you can kind of cross-pollinate a couple with each other and use them to kind of verify data off each other, you get a much clearer picture and a much more accurate risk profile than you could ever get through just doing a simple survey with a homeowner and putting that in an application and then popping it into a portal. And that, to me, felt right at. And to this day, still very much feels

right. Not that you shouldn't ask insurance questions, but gathering the pertinence and the risk profile specifically about property seems to me like something we should not be relying on humans for. It should be something that we're gathering through real data, through imagery, through property records that are cross-referenced with each other. That feels much more like the future. And certainly, and not even the future, it feels much like what we should be doing today than just relying on how someone remembers their home to be, you know? Yeah, absolutely agree. And I think that if you're looking on like, which agencies working like not one year or two year,

like I interview, like I had a huge amount of discussion with independent agencies and also dependent agencies. And you see that the differences between like agents that working 10 years already, five years, make great business for themselves and and actually created for as a first job you see that um the different as they already told me like we need to provide accurate information to the insurance so they will know that i'm a best agent

in this area so i know what i'm insuring. And by this, I receive also discount and the insurance carrier already know me. So I create relationship with insurance carrier. And I think this is like when we try to understand how as agent, we can create our future more clearly and also create more profit. I think one of the biggest things that we need to do, the action that we need to do is understand better our client. And I think this is one of the things that we see more and more in the insurance agent. They're investigated.

They know what they provide to the carrier. And they're doing homework. And eventually, we want to create the entire homework in one second because we want from them to focus on the sales and to close this deal. And this is exactly what we are looking to have to the insurance agency. So very tactically, who uses the platform? I mean, Carrier is obvious, but do you have agents that are subscribing and using? And I guess explain the actual business to me and who your clients are.

I mean, obviously carriers make a lot of sense and you've referenced them multiple times. But like say an agency, like I own an independent agency. We work primarily with commercial customers and commercial property is a big part of our business. So I'm looking at what you're doing. And when we, you know, schedule time to talk and you're going to be on the podcast and I'm looking through, I'm going, this is really interesting because as a national digital commercial property broker, we don't see in person any of the buildings that we insure, right? So what we do is we pull up a Google map. Well, that's just a flat image, which hopefully isn't blurry or terrible. And, you know, hope that it was done in the last five years, I guess. And, you know, and that's really the best that we can get.

So would is is your you know, is is is this something that we would subscribe to and get that information? And do do you guys have the ability to do things like calculate property value or am I just getting raw data and specs out of it? Or what would I be getting as a client? Let's leave the insurance side. I think that makes a lot of sense what an insurance carrier would get, but let's say someone who's in that sales function, can they be clients? Is that a good client slash use case for you? And what is what are they actually getting if they if they were to subscribe so today we're working very closely with three agencies across the united states uh so it's very important for us eventually to open this uh entire market like entire ability capabilities to the agents because eventually

for example even before even before the like when when you receive all this information to um and what is a process that is cutting your time and spending your time and actually giving you more information that you can extract by yourself and also as we discussed about google for example it's most not recent enough and not accurate enough, et cetera. So typically, even before that, how do you decide where to pick your phone call? You are very limited in time. You need to do the sales pitch. And who is the right person for you to call? So typically, by using our platform, we see that many insurance agents

are able to target their audience. So, for example, I know I'm working with a hard-fought, I have minimum commitment as agencies to hard-fought, for example. Let's say, for example, half a million dollars. Okay, I have to write premium of half a million dollars. I know that hard-fought, for example, looking for very specific one type of commercial properties or, for example, home insurance. For example, only home insurance with only policy with a pool,

for example. So I'm able to select and with great roof condition. And because I'm an insurance agent, maybe I have another carrier that's looking only for the riskiest property on the industry. So I am able to filter my target audience by using the platform. So this is the first reaction that we see that very, very heavily that insurance agent looking for the next opportunity, the best opportunity for them, the next and the best one.

And I think this is very important because eventually we are limited in time in our life. And we need to be very focused to create big profit. And this is exactly what we hear. And this is the first one. The second one is regarding to when you have customer on your phone call, you just need to looking for his address

and you can cut the entire chain and try to sell as short as time as possible so you don't need to wait and say okay we'll call you in two weeks and the same times you already close with another agent for example or you already close it so you you can make the entire you can make the entire cell cycle in one phone call and this is eventually what we are trying to work with with the agencies and we want for them again we want for them to be able to focus only on how I close my next call and not how I call to the next client. I ask him the question, I investigate it, receive the information, and after this, calling him back in two weeks and try to close the deal. So this is, I think, were where we are trying to cut.

Yeah. Yeah. I like that. I like that. You know, one of the things that we're very big at at our agency is, is instead of, you know, I try to, I butchered this quote all the time and I, you know, everyone listening will understand, but like, I try to, I try to operate this business like the, like the Bruce Lee quote of like, you know, be like water, right? Like, wait, you know, everyone listening will understand, but like, I try to, I try to operate this business, like the, like the Bruce Lee quote of like, you know, be like water, right? Like, wait, you know, I don't come into the business with an ideology. I taught, I tend to, you know, find carriers that I really appreciate working with and people inside those carriers that I work with.

And I say, what do you want to write? Send us out into the market to go find that thing. And that, that tends to be how we operate. Rogue risk is we is we don't necessarily have, I don't bring niches to carriers. I find out what our carrier partners want to write and I go out to them. And what I'm hearing you say is what your company is able to do is you're able to say, okay, if property is something you want to write, then you can actually go to your carriers, find out what types of properties fit their

appetite the best, and then target those properties in either your community or region and what have you. And now you have a very clear picture that this is going to be a property that they're going to want before you even do the reach out to the business owner or the property owner. You can set, you'll know before you make the call that you have the perfect market for it because you've already been able to set the parameters around it. That's an incredible competitive advantage. And I think that thinking, you know, oftentimes agents, particularly independent agents get stuck in kind of the way business has always been done. And these types of methodologies and advantages are what are separating, I think, the new wave of independent agent, especially those that are willing to adopt at least some level of technology and new ways of

thinking. This is why there's so many new types of agencies that are coming into the market and growing so fast. They're taking concepts like what you're describing and they're actually putting them into use. I think it's tremendous. Exactly. And eventually, as agencies, you need to reach your target. Eventually, you have commitment to many carriers and you want to be able to classify yourself and to take all this commitment. Eventually, if you got to the end of the year and you don't have your commitment or you're missing some of the carriers, so they will not want to do the business with you next year. So I think that by having to say, okay, I have this type of carrier that I work with them, as you said

exactly, like what is the appetite for him? What is the appetite for him? What is the appetite for him? Immediately to say, okay, I want to target everywhere in the united states for me for example or for example from new york to connecticut to crossing the to crossing Massachusetts uh and even maine i can search everywhere my new opportunities so it's not only related to one zip code or to one area i can call to to any one of them because I know what they want. Yeah. Yeah. This is very, that's amazing. I think it's amazing. Isaac, this is, this has been a tremendous conversation. I want to be respectful of your time in our audience. And, and I appreciate

you sharing what you guys are doing. And I think that companies like, like GeoX and you guys, you guys are creating opportunities for, you know, one of the things that's beautiful about the insurance industry is it's very much a choose your own adventure. guys, you guys are creating opportunities for, you know, one of the things that's beautiful about the insurance industry is it's very much a choose your own adventure. And what you guys are doing is presenting information and opportunities for agents who, who, who love an aspect of the business commercial property or have a, who want to attack a portion of the business in this place. I keep saying commercial property or, or residential property in a way that, that, that wasn't possible even five, seven years ago.

And I think it's absolutely tremendous. If people want to connect with you and or GeoX, how do they do that? Where's the best place to get a hold of you, get a hold of the company, learn more? Where do you want to send them? Typically, you can find it on our website, like GeoX Analytics, and find it very, very easily. This is one way. And also, you have connected information. So feel free to reach out.

And we will make sure that someone supports you and helps you to make your next deal and next sales. Absolutely amazing. Thank you so much, man. I appreciate your time. I wish you nothing but the best and thank you for coming on the show. Thank you very much. Awesome. Have a good one.

Cheers. We'll see you next time. of hundred clients under three years during the pandemic. No fluff, no endless follow-ups, just results fast. Based in behavioral psychology and battle-tested, the one-call closed system eliminates excuses and gets the prospect saying yes more than you ever thought possible. If you're ready to stop losing opportunities and start winning, visit masteroftheclosed.com. That's masteroftheclosed.com. Do it today.