This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.
In this interview, we speak with John Bodrozic, co-founder of HomeZada, to understand how his company is using AI to transform insurance, and what the future of the insurance industry holds.
1. What's the story behind HomeZada? Why and how did you begin?
JB: HomeZada is a home management suite of apps that empowers homeowners to manage, maintain, protect and improve their largest financial asset. Most consumers experience pain and chaos trying to manage their home. They are under-insured, spend too much on repair tasks, are over the budget of large remodel projects and lack financial visibility into various asset values and total cost of ownership.
2. Please describe your use case and how HomeZada uses artificial intelligence:
JB: Every insurance company recommends their policyholders have a home
inventory to make sure they are properly insured and prepared with
documentation in case their home is damaged or destroyed. HomeZada uses
inventory object recognition video A.I. to simplify the process of creating
a home inventory. Homeowners can take a video of every room in their home,
and the AI detects the objects inside the video to create a home inventory
3. Could you share a specific customer/user that benefits from what you offer? What has HomeZada done for them?
JB: Creating a home inventory with video saves the consumer lots of time, thus they are more likely to do it. If they decide to share it with their insurance company, they can verify that they have the appropriate amount of coverage so that they are not under-insured. If a fire, flood or another disaster (hurricane, tornado, wildfire, etc.) were to destroy the house, the consumers win because they get reimbursed properly and in a timely fashion and the insurance company wins because it has reduced the risk of fraudulent claims.