Category Archives: Technology

Usage-Based Insurance Gets Confidence Boost During COVID-19 Pandemic

Drivers seem to have become more comfortable in the past year with the idea of giving up their data to help insurers more accurately price their coverage.

In May 2019, mobility data and analytics firm Arity surveyed 875 licensed drivers over the age of 18 to find out how comfortable they would be having their insurance premiums adjusted based on typical telematics variables. Between 30 and 40 percent said they would be either very or extremely comfortable sharing this data.

In May of this year, they ran the survey again with more than 1,000 licensed drivers.

“This time,” Arity says, “about 50 percent of drivers were comfortable with having their insurance priced based on the number of miles they drive, where they drive, and what time of day they drive, as well as distracted driving and speeding.”

This is a year-over-year increase of more than 12%. What happened?

The answer begins with a “C” and ends with a “19.”

Money talks…

Telematic information was part of the reason insurers could return money quickly to their customers during the COVID-19 pandemic, and that fact seems to have brought positive attention to usage-based insurance (UBI). Telematics combines GPS with on-board diagnostics to record and map where a car is, its condition, and how fast it’s traveling. This technology is integral to UBI, in which insurers are able to adjust premiums based on driving behavior.

During the first wave of the pandemic, Arity data showed considerable changes in how and when people were driving when they began to self-quarantine in March 2020. Driving across the U.S. dropped significantly, and this data helped spark the trend of insurance carriers offering refunds to their policyholders.

“These paybacks were widely covered by the media, including Forbes, so consumers became aware of the potential savings, even if their own insurer didn’t offer a discount,” Arity reports.

“Private-passenger auto insurers returned around $14 billion in premiums this year to the nation’s drivers as miles driven dropped dramatically in the pandemic’s early months,” says James Lynch, Triple-I’s chief actuary. “This resulted in a five percent reduction in the cost of auto insurance for the typical driver in 2020, as compared to 2019.” 

Businesses Large and Small Need to Be Cyber Resilient in a COVID-19 World

By Loretta Worters, Vice President, Media Relations, Triple-I

Advanced Persistent Threat groups and cybercriminals are likely to continue to exploit the COVID-19 pandemic over the coming weeks and months.  Weak and stolen passwords, back doors, applications vulnerabilities, malware and insider threats have been among the most common causes of data breaches in the past.  But according to a recent Willis Towers Watson report new threats include:

  • Phishing, using the subject of coronavirus or COVID-19 as a lure;
  • Malware distribution, using coronavirus or COVID-19-themed lures;
  • Registration of new domain names containing wording related to coronavirus or COVID-19; and
  • Attacks against newly and often rapidly deployed remote access and teleworking infrastructure.

Security breaches have increased by 67% since 2014, yet businesses fail to take the proper precautions.   Ransomware has become big business for “professional” criminals, crippling large and small businesses alike.  But small businesses are especially attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses. 

A remote workforce due to COVID-19 has made many organizations address issues of remote access and the need for multifactor authentication and virtual private networks (VPNs). But others – less cyber savvy— have left themselves exposed to cyberattacks.

In addition, vishing (via telephone) and smishing (via text message or WhatsApp) attacks have also increased in frequency, and in a work from home environment where colleagues and clients are increasingly connecting via mobile phones, vulnerability increases, according to a new AON Report. Short message attacks will generally seek to redirect a victim to a compromised website in order to harvest user credentials.

According to a recent survey by the Small Business Administration , 88% of small business owners felt their business was vulnerable to a cyber-attack – and that was before the pandemic. Yet many businesses can’t afford professional IT solutions, have limited time to devote to cybersecurity, or don’t know where to begin.

In observance of National Cybersecurity Awareness Month,  Triple-I offers U.S. businesses these seven tips for improving their cybersecurity and averting data breaches:

  1. Understand your cyber risks. Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods. 
  2. Train Staff. Those engaged in cyberattacks find a point of entry into a business’ systems and network. A business’ exposure can be reduced by having and enforcing a computer password policy for its employees.
  3. Keep Software Updated. Businesses should routinely check and upgrade the major software they use.
  4. Create back-up files and store off-site. A business’ files should be backed up either as an external hard drive or on a separate cloud account. Taking these steps are vital to data recovery and the prevention of ransomware. Ransomware is when a cyberattack results in a situation where a business is asked to pay a fee to regain access to its own data.

Victimized Twice? Firms Paying Cyber Ransom Could Face U.S. Penalties

Recent advisories from two U.S. Treasury agencies –  the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) – indicating that companies paying ransom or facilitating such payments to cyber extortionists could be subject to federal penalties are a reminder of the importance of good cyber hygiene.  

The notices also underscore businesses’ need to consult with knowledgeable, reputable professionals long before a ransomware attack occurs and before making any payments. 

Ransomware on the rise 

In a ransomware attack, hackers use software to block access to the victim’s own data and demand payment (usually in Bitcoin or another cryptocurrency) to regain access. It has been a growing problem in recent years, and such attacks have intensified since the COVID-19 pandemic has led to many people working from home for the first time.  

The FBI warns against paying ransoms, but studies have shown that business leaders today pay a lot in the hope of getting their data back.  An IBM survey of 600 U.S. business leaders found that 70% had paid a ransom to regain access to their business files. Of the companies responding, nearly half have paid more than $10,000, and 20% of them paid more than $40,000. 

Sanctioned entities 

The OFAC advisory specifically targets transactions benefiting individuals or entities on OFAC’s Specially Designated Nationals and Blocked Persons List, other blocked persons, and those covered by comprehensive country or region embargoes (e.g., Cuba, the Crimea region of Ukraine, Iran, North Korea, and Syria). 

If you pay ransom to anyone in these categories, you could be fined or even jailed for breaching the  International Emergency Economic Powers Act (IEEPA) or the Trading with the Enemy Act (TWEA). Penalties can vary widely, depending on the circumstances.  

How is a business owner to know?  

“Companies should rely on experts to assist with their due diligence and work with the FBI,” writes law firm BakerHostetler in a recent blog post. “Experience in incident response is key, and your counsel should be an informed, confident partner as you navigate this rapidly evolving area.” 

“Before a payment is made,” the law firm writes, “a company generally retains a third party to conduct due diligence to ensure that the payment isn’t being made to a sanctioned organization or a group reasonably suspected of being tied to a sanctioned organization. Additionally, checks are in place to ensure that anti-money laundering laws are not being violated.”

Many insurers are working with their clients to put such practices in place and taking a variety of other steps to address the threat of ransomware attacks. Cyber-insurance premiums started rising 5% to 25% late last year, according to Robert Parisi, U.S. cyber product leader at insurance broker Marsh & McLennan. Parisi called the increases “dramatic” but said insurers have not scaled back coverage. 

Marsh has issued a client advisory — What OFAC’s Ransomware Advisory Means for US Companies — explaining what U.S. businesses need to know about the OFAC advisory and the importance of completing an OFAC review before payment of ransom demands.  Marsh’s advisory also makes recommendations for re-assessing ransom incident response plans, mitigating ransomware risk, and preparation for and recovery from ransomware and cyber extortion attacks. 

Lightning Round Webinar Showcases Cutting Edge Disaster Mitigation Technologies

Four entrepreneurial teams who have developed products to boost societal resilience and to mitigate natural disaster risks will present them during a free Insurance Information Institute (Triple-I) event on Thursday, Oct. 22, at 11 a.m., ET.

Billed as the Lightning Rounds for Resilience and Pre-Disaster Mitigated Innovations, it is the third time this year the Triple-I and its Resilience Accelerator, ResilientH20 Partners and The Cannon, have connected entrepreneurs with leading insurance innovation specialists and investors. Pre-registration is required.

The first of the day’s two panels will feature the web-based apps developed by the prize-winning teams from 2020’s collegiate Hack-for-Resilience III. The Triple-I and the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania honored these two student entrepreneurial teams in September 2020.

  • Air.ly:  The app identifies locales near wildfire zones where individuals afflicted with respiratory issues, or other health complications, can find fresh air. It won the prize this year for the Best Overall Hack-for-Resilience.
  • Insura: The app uses a home’s location and historical loss data to recommend mitigation and maintenance activities which could reduce a homeowner’s insurance premiums.  It won this year’s prize for the Best Application of Insurtech.

“We’re excited to spotlight the outstanding work of talented students who have accepted the challenge to build and empower the resilience movement. Products like Air.ly and Insura are proof today’s brightest young minds are creating the tools that will better allow people to navigate through, and prepare for, natural disasters,” said Michel Leonard, PhD, CBE, Vice President and Senior Economist, Triple-I.

Two established businesses – members of the Resilience Innovation Hub “portfolio of disaster risk-mitigation innovation” -will present their products and services during the event’s second and final panel:  

  • Thermal Gate™ 2.5:  The artificial intelligence (AI) based system screens and detects individuals who have an elevated body temperature before they enter venues which are open to the public.
  • Mesh++ : The just-in-time WiFi community network requires no external power nor wiring to generate broadband access for first-responders, citizens, and preparedness interests.

Click here to register.

Ransomware claims rise in severity since start of pandemic

During the last week in September, Universal Health Services Inc., one of the largest hospital chains in the United States, began taking some ambulances out of service because of disruptions caused by a ransomware attack. Universal said no patients were harmed, but systems that support medical records, laboratories and pharmacies were taken offline at approximately 250 facilities.

This incident is part of a disturbing trend of healthcare institutions being targeted by ransomware attacks  as the software used by hackers becomes more sophisticated and their attacks broader.

While cyber insurance claims impacted businesses of all types and sizes certain industries, including consumer businesses (retail, hospitality and food), healthcare and financial services were more frequent targets of cyberattacks in the first half of 2020, according to a recent report by Coalition, a provider of cyber insurance.

Overall, ransomware (41 percent), funds transfer loss (27 percent), and business email compromise incidents (19 percent) were the most frequent types of loss—accounting for 87 percent of reported incidents and 84 percent of claims paid in the first half of 2020.

“We’ve seen a sharp increase in ransom demands over the past quarter as threat actors have exploited COVID-19 and changes in company operating procedures. Although the frequency of ransomware claims has decreased by 18 percent from 2019 into the first half of 2020, we’ve observed a dramatic increase in the severity of these attacks,” said the Coalition report.

Since email is the single most targeted point of entry for a hacker, taking a few basic email security measures and implementing an anti-phishing solution would go a long way toward securing your business from criminals.

Coalition reports that, for each claim processed, cyber insurance played a critical role in helping the insured recover operationally. For example, a nonprofit organization providing child and family services grants to other nonprofits was duped into transferring $1.3 million to criminals. Coalition worked with law enforcement and the financial institutions involved to recover the stolen funds.

Virtual Discussion: Responding to Disaster During a Crisis

On September 24 a virtual discussion hosted by the Department of Homeland Security’s Science and Technology Advisory Committee will inform community leaders about how new science and technology applications are enhancing resilience and protecting lifeline systems and networks.

During the discussion experts will describe how technologies can inform risk-based decision-making in areas of neighborhood health monitoring, supply chains, evacuation planning, crisis communications, and information sharing among frontline responders. Innovation in predictive analytics, modeling and simulation, and mobility offer new solutions to tackle immediate challenges and prepare for emerging threats.

The panel will also cover how new public-private partnerships are accelerating new solutions and business models to prepare for day-to-day emergencies.

The discussion will include Michel Léonard, PhD, CBE, Vice President & Senior Economist, Insurance Information Institute; and Richard Seline, Managing Director, ResilientH20Partners.

About the virtual discussion:

September 24, 2020. 1:00 – 2:30 p.m. ET

Click here to register.

Speakers:

David Maurstad, Deputy Associate Administrator, FEMA

Duane Caneva, Chief Medical Officer, DHS Countering WMD Office

Ted Smith, Ph.D., Wastewater Based Epidemiology, Professor of Environmental Medicine, University of Louisville and Advisor to Louisville Mayor, Greg Fischer

Catherine Cross, Deputy Under Secretary, DHS Science and Technology Directorate (S&T)

David Corman, Program Director, Cyber-Physical Systems and Smart and Connected Communities, National Science Foundation

Richard Seline, Executive Director, Accelerate H2O, Houston, Texas

Michel Léonard, Vice President and Senior Economist, Insurance Information Institute

Moderator: David Alexander, Director of Resilience Research and Partnerships, DHS S&T

The Insurance Information Institute’s Resilience Accelerator was created to build awareness and adoption of insurance as a frontline defense against the impact of extreme weather events on households, businesses and communities.

Student Hacker Teams Showcase Their Winning Skills at PennApps 3rd Annual Hack-for-Resilience Competition

From Friday, September 11 to Sunday, September 13, the third annual the Hack-for-Resilience competition (“H4R”) was hosted by Wharton Risk Center and the Insurance Information Institute’s (“Triple-I”) Resilience Accelerator as part of the PennAppsXXI hackathon. This year’s competition yielded an impressive array of powerful data, robotics and AI solutions, as well as unique perspectives on catastrophe preparedness and mitigation from the next generation of innovators and leaders.

Organized into two categories—Best Overall Hack for Resilience and Best Application of Insurtech—Hack-for-Resilience III was a virtual event conducted over 36 hours spanning 8:00 pm Friday night through 8:00 am Sunday morning. Students used Slack, Zoom and HopIn digital collaboration platforms, to recruit and select teammates, ideate, seek guidance from mentors, and produce and demonstrate hacks.

This year’s H4R attracted 38 teams from as far away as British Columbia, Brasil and India. Some interesting trends emerged: For 2020, several hacks used gamification—applying the principles and characteristics of video gaming to tasks and problem-solving—as a technique to teach and test catastrophe resilience. This year also saw numerous student innovators drawing inspiration from their own families’ recent natural disaster experiences.

A panel of judges that included Dr. Carolyn Kousky, Wharton Risk Center’s Executive Director and Dr. Michel Leonard, the Triple-I’s Vice President and Senior Economist, selected first- and second-place winning hacks in both categories. They are:

BEST APPLICATION OF INSURTECH

Winner: INSURA

Developed as a way to get households into a “resilience frame of mind,” INSURA uses location and historical loss data, to incentivize catastrophe resilience by making a game of preparedness and mitigation. Users enter information about their homes and known risks, and INSURA suggests mitigation activities and common household maintenance chores. Players are scored by calculated potential insurance premium savings.

Runner-up: CLAIM CART

Created in response to recent wildfires, CLAIM CART makes it easier for users to file claims for insured losses by guiding them step-by-step through creating an effective household inventory to receive maximum payout for their lost possessions. The app works by querying insurer and public loss and item pricing data to help people prepare for a disaster by more accurately presenting and organizing information about the contents of their home.

BEST OVERALL HACK-FOR-RESILIENCE

Winner: AIR.LY

Inspired by the development team members experiences during recent California wildfires, AIR.LY is billed as “the one-stop shop [for finding] safe outdoor retreats during wildfires.” AIR.LY helps delivers vital, in-real-time help to an often-overlooked group: persons afflicted with respiratory issues or other health complications.

Runner-up: Saving Our Souls (S.O.S.)

Designed and built by a team of high-schoolers, S.O.S. is story-mode game that allows players to choose disaster scenarios that present multiple options to instruct on fire and flood safety, as well as effective preparedness and evacuation practices.

First place-winning team members will each receive a $200 Amazon gift card for their winning hacks, while the runners-up each will receive a $100 Amazon gift card. New for 2020 is an additional reward for first place winners, entry into a Resilience Accelerator Lightning Rounds ideas showcase, where teams will demo their winning hacks to a panel of insurance innovation leaders and investors.

The Wharton Risk Center and the Triple-I wish to again extend our thanks to all who contributed to making Hack-for-Resilience III and PennAppsXXI a rousing success!

By James Ballot,  Senior Advisor, Strategic Communications, Triple-I

Insurance Careers Corner: Q&A with Rahel Abraham, ClimaGuard

By Kris Maccini, Social Media Director, Triple-I

Triple-I’s “Insurance Careers Corner” series was created to highlight trailblazers in the insurance industry and to spread awareness on the career opportunities within the industry.

This month we interviewed Rahel Abraham, CEO of ClimaGuard, a Houston-based start-up that provides protective coverings for cars (and personal belongings) to prevent valuable losses from flood damage. Rahel shared her inspiration for creating ClimaGuard, her experiences as a first-time entrepreneur, and how she prepped her business for hurricane season, amid a pandemic.

Name: Rahel Abraham

Current Role: Founder & CEO, ClimaGuard

Years at Company: 2 years

Tell me about ClimaGuard. What led you to start the company in 2018?

The idea of ClimaGuard came about a month after Hurricane Harvey. This event was a historical devastation – not only were residential homes flooded, but many businesses and vehicles were flooded also. I lost my car, and there was a shortage of rental vehicles. Living in Houston, I depend on my mobility – being vulnerable post the hurricane was a challenge. I realized that I needed help, and so did many of my neighbors.

Shortly after the storm, a friend and I thought of an idea to produce a protective covering. As more hurricanes hit, we realized that flood mitigation wasn’t going to be solved overnight, but that we could come up with a way to help people safeguard themselves in real time. My background prior to ClimaGuard was in Engineering, so I knew that I had the background to create a product that would work.

ClimaGuard protective coverings can be used for other purposes outside of automobiles. I have a client who used it to protect a grandfather clock that was passed down through generations. I wanted the covering to be large enough to fit a car, but easy enough to use for quickly packing other valuable items in the home – sofas, electronics, tables, etc.

As CEO, what’s top of mind as you look to grow your business?

There are two goals that are top of mind: 1.) Spread awareness about flood risks, and 2.) Encourage and empower at-risk communities to proactively mitigate. Education in creating awareness for disaster planning and mitigation is vital to the growth of ClimaGuard. Whatever life looks like post-event – whether it’s running for home supplies, shopping for groceries, or accessing temporary living (hotel) – you need mobility, and, more importantly, peace of mind throughout the event.

It wasn’t until I got flooded that I understood the challenges post-flooding, and the financial costs to recover. I was fortunate to have a support system, but I know individuals who are still trying to recover three years after Harvey. I’m focused on preparing individuals and communities to get back up and running as soon as possible.

Being a woman and Black-owned business, what challenges have you faced in growing the company?

I didn’t know anyone personally who ran a successful product-based company, or any start-up, in general. I quit my job to pursue my business, so my cash flow was limited. I relied on my savings in the beginning, because I didn’t know how to seek funding. I was concerned that I would lock my business into a situation that would prevent it from thriving, if I didn’t partner with the right people. Because I didn’t have the network here, I went overseas to build partnerships, understand manufacturing, and learn how to create opportunities.

What activities have you been involved in to help build networking and partnerships?

Prior to COVID-19, I was part of an accelerator program called DivInc out of Austin, Texas. Austin is a great community for start-ups, and I wanted to be in the mix among entrepreneurs who were also starting from the ground up. After completing that program, I began outreach specifically to dealerships and the insurance industry. These two markets have proven to be good partnership opportunities for ClimaGuard. With insurance, my goal is to touch on the fleet business, the rental car space, and the commercial and residential customer base. With the dealerships, I am seeking access to the residential and commercial buyers who are invested in protecting their assets.

[ClimaGuard is currently a participant in Triple-I’s Resilience Accelerator]

What advice would you give to aspiring entrepreneurs in seeking opportunities and overcoming challenges? 

Just like your ingenuity led to an idea that solves a real problem, that same creative thinking will lead you to solutions to overcome your challenges. Your path is your own, and you don’t need millions of dollars to make your start-up successful. You do not need a proven track record to show you are capable. It’s not a sprint, it’s a marathon, so don’t burn yourself out.

2020 is expected to be one of the worst hurricane seasons on record and the pandemic will bring about new challenges in disaster prep. How have these challenges impacted your business? How are you preparing for the season?

Currently, the nation is highly focused on COVID-19. The lack of attention to this hurricane season concerns me, however we are living in very unusual and uncertain times. Many of us, myself included, are taking things day by day. I’m trying to be observant of the climate and the emotional health of our communities. In terms of preparedness during hurricane season, I know that hurricanes and flash flooding only allow a few days of notice before hitting an area. I’ve ensured that ClimaGuard inventory is ready, and I’m prepared to ship units (with the available supply) through a local fulfillment business in Houston. ClimaGuard’s mission is to prevent loss from natural disasters, and we’re ready this season and preparing for next season. Our goal is increase inventory next year as we develop more opportunities with partners and retailers.

Lightning Rounds: Investing in disaster and risk management technology

The Insurance Information Institute (Triple-I) yesterday hosted a webinar showcasing technology companies whose products mitigate the impact of severe weather on homeowners, businesses and communities. This is the first in a series of Lightning Rounds – fast-paced pitch panels for insurance and non-insurance investors.

The webinar is part of the Resilience Accelerator initiative, a collaboration of Triple-I, ResilientH2O Partners and The Cannon

During the Lightning Rounds, pre-vetted technology companies, equipment suppliers, integrated solution providers, and large-scale project development teams present their unique value propositions.

This Round’s focus was flood prevention. Shelly Klose, CEO of True Flood Risk described the company’s AI-driven risk management platform that provides individual property data, geolocation intelligence and risk scores related to flood risk in real-time without an on-site inspection. Tasha Nielsen Fuller, CEO of FloodFrame USA, presented a system which is installed underground around a structure, and automatically deploys in a flood, protecting the structure. Rahel Abraham, Founder and Chief Executive Officer of ClimaGuard, was inspired to invent a water-resistant wrapping for vehicles and other possessions when her own vehicle was flooded during Hurricane Harvey.

To view a recording of the webinar click on the video above.

Webinar overview

Part 1: A view from the C-Suite: Identifying the right technology and risk solutions

Brian Gaab, Strategy & Innovation, CSAA Insurance Group, a AAA Insurer

Susan Holliday, Senior Advisor, International Finance Corporation | The World Bank Group

Matthew T. Schneider, Co-CEO, Aon Risk Solutions, M&A and Transaction Solutions

Michel Leonard, PhD, CBE (Moderator), Senior Economist & Vice President, The Insurance Information Institute

Part 2: Use Cases: Bringing to market flood management solutions

Presenting Companies:

Shelly Klose, Founder and Chief Executive Officer, True Flood Risk

Tasha Nielsen Fuller, Chief Executive Officer, FloodFrame USA

Rahel Abraham, Founder and Chief Executive Officer, ClimaGuard

Panelists:

Brian Gaab, Strategy & Innovation, CSAA Insurance Group, a AAA Insurer

Susan Holliday, Senior Advisor, International Finance Corporation | The World Bank Group

Matthew T. Schneider, Co-CEO, Aon Risk Solutions, M&A and Transaction Solutions

Remington Tonar, Chief Resilience Officer and Senior Advisor, The Cannon

Richard Seline (Moderator), Managing Partner, ResilientH2O Partners

Triple-I, ResilientH20 Partners Launch Resilience Innovation Hub

The Gulf Coast & Southwest Resilience Innovation Hub’s creation was announced on June 18 by the Insurance Information Institute (Triple-I) and ResilientH20 Partners and will be a key part of the Triple-I’s Resilience Accelerator initiative.

The Resilience Innovation Hub will allow private and public sector entities to collaborate and bring-to-market resilience and flood mitigation technologies. Moreover, the Hub will connect investors with governments and academic institutions while also highlighting pre-disaster mitigation success stories through a resilience portfolio and technology showcase program. 

The Innovation Hub is opening effective June 18 at the Cannon’s downtown Houston Cannon Tower, a venue which already houses workspaces where entrepreneurs gather as their ventures develop. The locale, also the headquarters for ResilientH20 Partners, is at 1801 Main Street, Suite 1300, Houston, Texas 77002. The Triple-I’s Resilience Accelerator initiative is aimed at reducing the impact of extreme weather events and building more resilient communities through insurance.

“As households and businesses learn from past natural disasters, especially those which struck the U.S.’s Gulf Coast, the Resilience Innovation Hub can accelerate the deployment of products, services, and projects aimed at reducing disaster-caused losses in consultation with insurance carriers and brokers,” said Dr. Michel Léonard, CBE, Vice President, Senior Economist, Triple-I and the Triple-I’s Resilience Accelerator lead.

“There has been a widespread interest in, and demand for, best-in-class actionable, alternative disaster mitigation solutions since 2017’s Hurricane Harvey and subsequent storms caused extensive insured losses to autos, homes, businesses, and governmental properties,” said Richard Seline, Managing Partner, ResilientH2O Partners. “Society saves six dollars for every dollar spent through mitigation grants funded through federal agencies and even more progress can be made on this front through further investment in pre-disaster risk mitigation.”

Nine of the 10 costliest hurricanes in U.S. history have occurred since 2004, as defined by private-sector insured losses paid to auto, home, and business insurance policyholders and FEMA National Flood Insurance Program (NFIP) payouts.

“The Cannon Tower will provide a seamless onboarding for the Resilience Innovation Hub’s activities. Houston is already home to networks which focus on issues like sustainability, green infrastructure, and smart cities,” said Remington Tonar, Chief Revenue Officer, The Cannon Startup Platform.

The Resilience Innovation Hub’s creation was announced at the second in a series of virtual Town Halls co-hosted by the Triple-I and ResilientH2O Partners. The session on “Technology, Innovation, and Investment” focused on investing in pre-disaster risk mitigation and featured presentations by:

A panel discussion followed, and it included the Cannon’s Remington Tonar; Aaron Chan, Scouting Manager at State Farm’s @Labs; and Edward Craner, Senior Vice President of Strategy and Marketing at Holt Caterpillar.