Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Today’s guest is John D. Dempsey, CEO and Co-Founder of InsightRisk, Founder and Managing Partner of Dempsey Partners, a risk management consulting firm acquired by Aon. John also formed Terrabella Risk Consulting LLC, which provides insurance advisory and risk management consulting services globally. John advises insurance industry professionals on technology and innovation. Today’s discussion covers water damage prevention with IoT technology, other ways that IoT technology is being tested for risk management, and a review of World Water Day and the UN’s SDG 6 Global Acceleration Framework for safe water. #WorldWaterDay.   Key Takeaways: [:01] About RIMScast. [:14] About today’s episode, our Annual World Water Day episode. [:25] All about upcoming RIMS webinars, workshops, events, and more! [1:05] About RIMS-CRMP. [1:19] About RIMS-CRMP-FED. [1:53] About RISKWORLD 2023 with closing keynote speaker Danica Patrick! [2:09] About recent RIMScast episodes. [2:32] About World Water Day, March 22. Learn more at worldwaterday.org. [2:46] About today’s episode with John Dempsey, CEO and Co-Founder of InsightRisk on World Water Day, how the IoT can be used to reduce water risk, and the UN’s SDG 6. [3:10] Justin welcomes John Dempsey to the podcast! [3:17] John became a RIMS associate member in the ’90s. [3:45] John started a company in the ’80s that helped risk managers recover from losses and seek recovery from insurance. [4:04] John’s career helping risk managers culminated in selling his company to Aon in 2013. John spent four great years working with Aon helping companies globally. [4:24] John focused on exposure valuation, helping underinsured clients to increase their coverage. After Aon, he works with startups to reduce losses through technology. [5:22] About the RIMS chapters where John has been a member. NY is his favorite. [5:51] John will be seeing some of his RIMS friends at RISKWORLD! [6:11] How John became involved in water risk management later in his career. [6:21] How a hospital was damaged when a contractor left a roof hole exposed to rain. [7:21] Most man-made water damage losses can be prevented. John explains IoT sensor systems technology. Who pays for the installation? [9:15] John’s company has a financing methodology to make the system affordable. They absorb the cost of the systems by using them over and over on different projects. [10:41] John describes the value proposition of the IoT water damage sensor system. [11:41] As new technology is introduced into the loss management space, testing proves the value proposition. [12:21] John tells of a partly occupied condominium under construction. A water sensor was triggered at night. A repairman responded and fixed the leak, saving $10,000,000. [13:34] InsightRisk’s purpose for the sensors is to avert big water damage losses that cause long delays for builders and balance sheet volatility for carriers. [14:48] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD and in-person workshops before RISKWORLD. [15:50] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work. [17:55] John discusses areas where new IoT technologies can avert damage. Look at the value proposition. Do the technologies reduce the frequency or the severity of loss? [18:44] John shares an example: Wearable technologies reduce workers’ compensation and GL claims, and increase profitability. [19:56] Fire is the second biggest cause of loss. Technology is being developed that can detect very early the potential of electrical fire from degrading insulation. [20:26] John mentions Chad Hollingsworth and Bret Bush of InsightRisk. Chad and Bret stay ahead of the curve, working to prove and deploy the