Insurance Is More Backward Than Construction! Dragging Construction Insurance To 2024 - Phillip Callow
In today’s episode, we have Philip Callow, Founder of construction insurance platform Rosetta Risk Management Ltd.
In this episode, we learn about the surprising math behind construction insurance premiums, how large projects can be insured for surprisingly low costs and much more!
Tune in to find out about:
The $440 million UK construction insurance market and how premium rates are set
Why the adversarial nature of construction makes insurance so difficult
How the Grenfell Tower tragedy changed how underwriters view risk
The future of using telematics and AI to provide dynamic risk pricing
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Philip Callow | Founder at Rosetta Risk Management Ltd
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This episode is brought to you by Shft—helping contractors like you leverage BIM to secure a leading position in the race towards construction’s digital future.
Visit: https://maketheshft.digital
Timestamps:
(00:00:00-00:02:38) Intro
(00:02:38-00:09:40) Insurance in context of Construction
(00:09:40-00:11:45) Premium Cost of Insurance In Construction
(00:11:45-00:27:10) Does the insurer always wins?
(00:27:10-00:34:30) Role of data for risk calculation
(00:34:30-00:39:20) Real-time data for insurance
(00:39:20-00:42:22) Lessons Philip learned from Corporate World
(00:42:22-00:43:22) Outro
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Bricks & Bytes
25 Startups And $500 Million Funding | From Marine Biology To Investment Megalodon
In this episode, we sit down with Parker Mundt, Vice President of Suffolk Technologies. His story is as unique as it is fascinating. Join us as we discover how Parker’s unique background is shaping the future of the construction industry with groundbreaking solutions – and empowering startups.
Listen as Parker shares insider insights on the most promising areas for technological disruption, the key factors driving the adoption of new solutions, and what it takes to build a successful construction tech startup.
Find out:
The best Go-To-Market strategies on construction tech right now
The critical role of seamless implementation and demonstrable ROI
Emerging opportunities in design tech, supply chain, robotics, and more
Strategies for founders to validate ideas, raise funds, and build investable companies
And much more.
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This episode is brought to you by Shft—helping contractors like you leverage BIM to secure a leading position in the race towards construction’s digital future.
Visit: https://maketheshft.digital
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BuildVision is a procurement network for the $5T commercial construction market. We are transforming the commercial construction supply chain by bringing contractors, manufacturers, and project stakeholders onto a single software platform—revolutionizing how every component is sourced, purchased, and financed.
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Timestamps:
(00:00 - 02:32) - Intro to Parker & Our Sponsors
(02:32 - 07:13) - Parker's Journey
(07:14 - 18:19) - About Boost - Built World Accelerator Program
(18:20 - 32:41) - About Suffolk Tech
(32:42 - 39:57) - Capabilities of LLMs and AI
(39:58 - 42:17) - Unicorns Creation in Design Space
(42:18 - 47:07) - Growth Strategies for Construction Tech Startups
(47:08 - 54:36) - Strategy For Go-To-Market and Sales
(54:37 - 01:03:45) - How To Build Better Investable Startup
(01:03:45 - 01:04:47) - Outro
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Bricks & Bytes
Will AI Replace Construction Managers? - Amir Berman, Go-To-Market Strategist At Buildots
In this episode, Amir Berman of Builddots challenges the status quo in construction technology. We explore how AI and data are silently revolutionizing the industry, despite widespread skepticism.
Berman shares lessons from his failed startup, proposing controversial new models for ROI and product management in construction tech. We delve into the clash between digital solutions and physical realities, and uncover strategies to bridge this divide.
Berman's insights on Performance Driven Construction Management hint at a future where data, not intuition, drives decisions.
As AI begins to automate traditionally human-centric processes, we confront the implications for the workforce and the industry's future. Prepare to have your assumptions challenged.
Tune in to find out about:
✅ Why old ways of tracking progress might be costing you money
✅ The hard truth about getting value from construction tech
✅ How AI spots delays before humans can
✅ Why your project data might be useless without the right tools
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00:00 - Intro
02:12 - Lessons From Starting & Failing A Startup
08:15 - Innovation Happening In London In Construction
10:42 - Measuring ROI in Construction
12:45 - Product Management in Construction vs Other Industries
15:31 - BuildDots: Progress Tracking and Data Modeling for Construction
36:30 - Capturing and Utilizing Performance Data
38:08 - Creating Data Standards for 4D
38:37 - The Power of Productivity Data
41:42 - Innovation and Continuous Improvement
48:35 - Showcasing Value through Case Studies
51:51 - Go-to-Market Strategies in Construction Tech
56:15 - The Challenge of Creating a Clear ROI Formula
59:33 - The New Layer Strategy: Performance-Driven Construction Management
01:06:42 - Charging Based on Construction Volume
read more
Bricks & Bytes
Reshaping Construction Risk Management With AI - Provision
"We're not trying to replace expert opinion about what is a risk. We're trying to make sure you're aware of everything that could go wrong."
In today's episode of Bricks & Bytes, we had Luigi and Brendan from Provision AI. We learned about their journey in creating a risk identification tool for construction projects, the challenges they faced, and how they're revolutionizing project risk management.
Tune in to find out about:
✅ How Provision AI helps contractors identify and manage project risks
✅ The evolution of their product from initial concept to current iteration
✅ Their approach to achieving product-market fit in different segments
✅ The importance of partnerships in growing awareness and improving their product
Listen now on Spotify to hear how Provision AI is changing the game in construction risk management!
New Scheduling Tools, US Startups High Failure Rate, & How Supply-Side Focus is Reshaping Tech Companies
Is the traditional construction scheduling software about to become obsolete?
In this episode of Bricks, Bucks and Bytes, we discussed Planera's fresh take on construction scheduling, which just secured $13.5M in Series A funding.
We also explored the surprising uptick in US startup failures and what it reveals about the current market.
Additionally, we delved into the potential shift from demand-focused to supply-focused business models in tech.
Tune in to discover:
✅ How Planera aims to simplify complex construction scheduling
✅ Why more startups are failing, but it might not be all bad news
✅ The rising importance of vertical integration in tech companies
✅ How emerging markets are driving innovation in B2B platforms
Want to stay ahead in construction tech and startup trends? Listen now on Spotify.
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Company Mentioned:
Planera
Oracle (specifically their Primavera P6 software)
OpenAI
Microsoft
Uber
Meta (formerly Facebook)
SpaceX
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Timestamps:
02:12 Planera: Innovating Construction Scheduling and Planning
06:42 The Challenges of Traditional Scheduling Tools in Construction 0
9:01 The High Failure Rate of Startups: A Natural Evolution
24:07 The Role of AI in Startups and the Construction Industry
30:01 The Shift towards Collaborative and Visual Solutions in Construction
31:15 The Dominance of the US Startup Market
32:39 The High Failure Rate in US Startups
33:54 Profitability of European Venture Funds
41:30 The Shift Towards Vertical Integration and B2B Marketplaces
read more
Bricks, Buck$ And Bytes
How Starpath Robotics Plans to Mine Space Water From Moon- Is It Even Possible?
Construction robots: From hot dogs to highways?
In this episode of Bricks, Bucks and Bytes, we explored how robotics is changing construction.
We learned about Starpath Robotics' plan to mine water on the Moon for rocket fuel. This could change how we explore space.
We also covered how construction companies are now more open to using robots. This is due to a lack of skilled workers.
Patric and Gabriele shared insights on investing in construction tech startups.
Tune in to find out about:
✅ Why robotics companies should start with specific problems
✅ How construction robots can help with labor shortages
✅ What investors look for in robotics startups
✅ The importance of building a track record in robotics
read more
Bricks, Buck$ And Bytes
Billion-Dollar Blindspots: Are Construction Tech's 'Best' Lists Building on Quicksand?
Is the construction industry building its future on a foundation of hype? Think again. The latest market maps and "best-of" lists might be leading you astray.
In this episode of Bricks, Bucks and Bytes, we explored McKinsey's updated report projecting a $22 trillion construction market by 2040, alongside the industry's looming labor crisis.
We discussed the expansion of the Bricks and Bytes podcast network, including new shows like "BitBuilders" focusing on robotics in construction.
Patric also shared his critical analysis of "best-of" lists and market maps in construction tech, revealing surprising insights about company success rates.
Tune in to find out:
✅ Why the construction industry is facing its most challenging and high-activity era ever
✅ How robotics might transform on-site construction in unexpected ways
✅ Why well-funded companies often underperform compared to their less publicized counterpart
✅ The importance of looking beyond funding and PR when evaluating construction tech startups
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Company Mentioned:
- McKinsey
Gecko Robotics
Monumental
Mighty Buildings
Nexii
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00:01.08 - 14:00: Introduction and Bricks and Bytes podcast network updates
14:00 - 20:10: McKinsey's updated construction productivity report
20:10 - 29:00: Labor shortage in construction industry
29:00 - 38:00: Potential solutions to labor shortage
38:00 - 44:00: Attracting talent to construction industry
44:00 - 50:30: Patric Hellermann's analysis of "best-of" lists
50:30 - 54:00: Detailed breakdown of study results
54:00 - 57:30: Discussion on implications of the study
57:30: Closing remarks and end of episode
read more
Bricks, Buck$ And Bytes
The Niche Domination Strategy - Why 1% of a Huge Market Could Kill Your Startup
Is your startup targeting just 1% of a massive market? Think again. This common pitch strategy might be hurting your chances with investors.
In this episode of Bricks, Bucks and Bytes, we learned about Opus Flow's €1.7 million investment to boost their ERP solution for sustainable installers.
We also explored the 3D visualization market, discussing by 7.2 (formerly known as Apex Partners)'s investment in Lumion, a key player in AEC software.
Patric also shared valuable insights on building successful startups in crowded markets like construction tech.
Tune in to find out:
✅ Why focusing on a specific niche can be more powerful than chasing a small slice of a big market
✅ How Opus Flow stands out in the competitive ERP space
✅ Why adding AI isn't always enough to beat established players like Lumion
✅ The importance of profitability in your core business before expanding
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Sign up to the #1 Newsletter In Construction Tech. Join over 1,000 like-minded Founders, Investors and Techies disrupting the way we build. Forever : https://bricks-bytes.beehiiv.com/subscribe
-----------------------------
LinkedIn: https://www.linkedin.com/company/bricks-bytes/
X/Twitter: https://twitter.com/bricksbytespod
Youtube: https://www.youtube.com/channel/UCmNbunUTIIQDzbJgGJt9_Zg
Instagram: https://www.instagram.com/bricksbytes/
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Company Mentioned:
- OpusFlow
- Lumion
- Enscape
- Twinmotion
- Inframarket
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Timestamps
00:00 Introduction and Icebreaker
06:32 Navigating the Crowded Market: Opus Flow's Differentiation
10:40 The Challenges of a Red Ocean Market and Margin Compression
13:00 The Importance of Partnerships and Distribution for Opus Flow
21:37 Becoming a Category Leader: Challenges and Opportunities for Opus Flow
24:03 Introduction to the Rendering Industry
26:28 Challenges Faced by Startups
31:20 The Importance of Differentiation and Capturing Entire Workflows
36:12 The Significance of Focusing on Specific Niches
44:46 Building a Profitable Core Business
48:30 The Misconception of Targeting a Small Percentage of a Large Market