A Conversation with Ty Tucker
The future, complete with interconnected and coordinated utilities and buildings, can help people live better. Whether it’s managing a city’s power supply or the flow of traffic, mitigating for burst pipes or improving delivery service accuracy, smart cities are the next big leap in fundamentally reimagining how we live. And this future is closer than you might expect.
In this episode, host Maiclaire Bolton Smith talks to data enthusiast Ty Tucker about the possibilities — and risks — of the smart world before us.
MAICLAIRE BOLTON SMITH: Welcome back to Core Conversations, a CoreLogic podcast. I am your host Maiclaire Bolton Smith, and I’m the Senior Leader of Research and Content Strategy with CoreLogic. In this podcast, we’ll have conversations with industry experts about key topics from housing affordability to the impacts of natural disasters on property.
In a galaxy not so far away in a time nearer than we expect. Smart cities, complete with coordinated and connected utilities and buildings will allow humans to have a more efficient and futuristic lifestyle than we do today. When burst pipes can be automatically shut off before significant damage occurs where power grids don’t need rolling blackouts due to capacity issues, where your dry cleaning isn’t lost or my Instacart order doesn’t travel in circles around my home while the ice cream is melting.
A way of life where technology seamlessly augments our life in ways often reserved for sci-fi movies. Though, we still may not get those hover boards anytime soon.
So for our episode today we’re going to dive into smart cities with one of CoreLogic’s experts, Ty Tucker, who is the senior principal of data strategy and innovation. Ty, welcome to Core Conversations.
TY TUCKER: Thanks for having me.
MBS: All right. So to get us started today can you tell our listeners a little bit about your background and your role here at CoreLogic?
TT: Yeah, absolutely. Uh, as mentioned, I currently serve as the senior principle of data strategy and innovation at CoreLogic, where I oversee corporate data strategy, uh, data strategy for, you know, a lot of places is kind of uh classified a variety of different ways, but my primary focus here at CoreLogic is to determine how to utilize our data to create competitive advantage, to determine ways we can enter new markets and ultimately drive new product and platform capabilities that we previously haven’t done. My background’s real heavy in consulting and startups. I’ve spent the better part of 20 years consulting for some of the largest organizations in the world across a variety of different industries and sectors, and have been had the joys of living the startup life of working a 9:00 a.m. to 5:00 a.m. the next day constantly looking at data, figuring out ways that data can actually solve some of our world’s biggest problems.
MBS: Wow, fantastic. I love that how data can solve some of our world’s biggest problems. So I’m glad you’re here with us today and I love this concept of smart cities. It really does in a way seem like a far off futuristic concept, but it’s really not. They really do have the potential to change how we live, work and play within our local environments. And they’re really not a foreign concept. So Ty, how do you see the smart city landscape evolving over the next five to 10 years?
TT: Well, the next five, 10 years would be extremely interesting. You know, if you kind of look at where we are right now, we’re, we’re very much focused on just IOT devices, right, IOT devices in the home kind of out and about, you know, we’re, especially now with the pandemic, we’ve been using QR codes for menus, we’re monitoring beer taps at a bar, we’re having, you know talking to probably Alexa and Siri more than we actually talked to our neighbors.
So really we’re, we are focused on, we’ve got the kind of the, the, the smart devices that are being created and we’re seeing all sorts of new ones pop into the market. We’re seeing water sensors for pipes to be monitored. You know, we’ve got the lights, we’ve got everything that you could kind of imagine around media and entertainment being able to control a lot of things through voice but really where that just kind of sets us up for is you know, being able to connect them into ecosystems. You know, it’s one thing to have a smart, you know lights and smart microwave, or, you know something along those lines.
But if they’re all just disconnected from one another they’re not really creating an ecosystem that’s intelligent or you know, smart, so to speak, um, you know it’s one thing to say, okay, I’m going to open up my app for my huge lights and I’m going to control the lights this way. And then I’m going to open up this, you know thermostat app over here for my nest and change the air conditioning.
Well, you know, as we as we try to kind of connect these things all together into a unified experience for consumers for eventually for, you know, cities themselves it’s really going to be able to augment kind of the the evolution of smart connectedness, if you will. So right now, you know, we really very are focused on the IOT devices, just within the homes. Eventually homes will connect to cities and we started we started to see this within multi-family housing you know, apartment buildings, condo buildings where we’re having elevators being monitored to to try and optimize it. You’re not waiting for 10 minutes for an elevator to get you down or up the stairs. You know, we have devices that are monitoring HVAC units to what, you know buildings know when preventative maintenance needs to be done, things along those lines.
And we see those again just really in the apartment buildings at this point but we’re still not connected to the city overall. And that’s where I really start seeing us kind of going here in the next five to 10 years. And, you know, we’re seeing this in cities all over the world right now where some cities are further ahead, some behind, but these buildings will eventually be connected to maybe not necessarily a government sponsored city application if you will but there’ll have the ability to connect to kind of the greater population within a city scape, right. And where we start seeing that it’s going to be things around optimizing transportation, energy utilization you know, mobility of people in general, right?
So that way, you know it’s going to inform our urban planners or people who are developed you know, developing, permitting, and zoning and figuring out where do people need to be able to go, what services do we need to be able to offer them and make them simply that much more efficient? I don’t think anybody is particularly keen on sitting in traffic all the time or paying really high electricity. That’s where that’s where the smart cities can really come into play.
It’s not about trying to create some pervasive Sci-fi, I’m going to go, you know, talk to every device in the city type situation, but it is about seamlessly integrating elegant technology-use cases to to just make life a little bit easier for all of us and do away with the annoying parts of city life, if you will.
MBS: Right. Right. Wow. You, you touched on so many really important things there Ty. So the first thing I did want to mention is you just said IOT, and we just want to define that as the internet of things. We have, we’ve talked about IOT a little bit on this podcast before. We, we talked about innovation, we’ve talked about smart homes a little bit, just in some different topics and I think that topic of smart homes is when people are maybe a little bit more familiar with but what I love that you’re talking about, what we’re going to dive in today is the connection of those smart homes and really the value of what does it mean for the average person, for their entire city to be connected. So, so thanks for getting into that. I guess if we think of, you’ve talked about great things of where we’re going what are the biggest barriers to getting there?
TT: I think the barriers are similar to any sort of major city project it’s it’s communication and coordination. You know, it doesn’t matter if we’re trying to build a new highway somewhere or, you know get some new multi-family housing put up somewhere. The reality is, is you’ve got so many different parties and groups that are involved with things. And then, you know, when you’re when you’re doing city design, it affects tons and tons of people, millions of people often times.
So you’ve got to take a lot of different opinions into consideration. You have to compromise here and there and you have to be able to just coordinate all of this. And it’s one reason why these types of big projects, you know, it’s truly across an entire city can just be so, so complex. And it’s why the, you know we’re going to have to see a kind of coordinated effort between the private and public sector to be able to really pull any of these things off.
It’s, it’s, it’s not an easy thing to solve but there will be kind of a critical mass over time. I think where, you know, more people have smart devices in their house, then eventually their houses, something akin to iron man where you can just basically control everything in your house with your voice. And then eventually, you know we are going to be getting into more houses, being connected to the various utility services and whatnot, and people being able to make decisions when it comes to urban planning around all this new data that’s getting generated.
MBS: Right. And you triggered a thought there when you said something Ty, I thought about, you know, if we look at the this past year in particular with the pandemic we are seeing a pattern of a lot of people leaving metropolitan centers and moving to suburbs, moving to smaller communities. Does this play into things at all? How does this, you know, migration, if that’s even the right word of people moving out of cities, how does that bear upon smart cities with people leaving them?
TT: I think it makes some things a little bit more difficult, right? I think one of the reasons that it is so difficult to do a smart city and especially in America, is because of the kind of urban sprawl that we have. You know, the concept of a city used to being, you know a couple of blocks in a downtown area. Now, you know, you look at some cities like Houston and they tell you it’s stretches for about 150 miles or so, you know, and, and I think we’re going to continue to see those types of people migration.
And that’s why really, you know smart cities will evolve into kind of a smart regions. And where we’ll see that come into play is more from uh regional utilities, power grids, things along those lines. You know it may not be a fully integrated technology solution across say an entire state or multiple states, but eventually, you know the utilities themselves will probably start having devices within homes that will give kind of a at least a feeling of connectedness across entire regions mainly just to optimize our energy supply chain.
MBS: Right. Yeah. I, I there’s, you know, there’s so many benefits of this and I, my brain instantly goes to there must be some concerns as well. So what are kind of, kind of weighing that pros and cons what are some of the concerns of smart cities and how does that weigh across some of the benefits?
TT: You know, I think the two big concerns probably are always around data privacy and, and kind of a big brother ask type situation where, oh, you know if somebody is collecting this data, they’re monitoring us and, you know, with a lot of data you can figure out a lot of things, you know, good things in the case of, you know, healthcare and optimizing traffic, reducing bike fatalities, things like that.
That’s great ways to utilize a lot of those data, but at the same time, yes, you can use it to monitor citizens in ways that probably aren’t appropriate for the laws and regulations that we have. So it’s a fine line, you know, that you deal with any new technology, any sort of new data.
We see this, you know as a constant conversation that happens, you know within government groups, within, you know government watchdogs, if you will as well just to figure out, you know, hey are people using this data for, for good or for evil.
MBS: Right? Yeah. And that’s, that’s a level of anxiety for a lot of people I think would just the way the world is going today with so many electronics.
TT: I think it is, it is. But at the same time it brings up kind of a unique position. I think that a lot of people don’t necessarily realize and that’s that data privacy is you’re basically okay with data privacy being a little bit violated if you’re getting something out of it, right.
A convenience factor, you know a great example is, is Amazon, right? Amazon gives us some of the best recommendations. I love shopping on Amazon. I find about 10 new things to add to my cart just because I clicked one thing not so great for my bank account but really is a convenient experience as far as my online shopping goes. And the only way they’re able to give those really good recommendations is because they’re monitoring, you know, they’re monitoring my website usage, they’re monitoring how I interact on the web. You know, they, they probably to some extent are using IOT devices to monitor a variety of things, to be able to get better recommendations for things that I want to buy.
MBS: Right.
TT: I’m okay with that as a consumer because it’s ultimately making my life, you know, easier a little bit more convenient, where you get into trouble around data privacy is when people don’t feel like they’re getting the benefit, you know, they’re essentially having their privacy violated but they’re not getting anything in return. And that’s where the balance will always remain and it will be tricky to navigate.
MBS: Yeah Yeah. That, that information security side of things really is, is definitely probably a concern of many. And the idea of both either their personal home or city being hacked or the government monitoring every action. You know, we, we often talk about encryption. Is there a way of encrypting data to protect homeowners in cities or would we fundamentally lose all privacy with the smart city concept?
TT: No, I think there there’s absolutely ways to protect our privacy. I think, you know we can do it through encryption, you know, and, and as with the advent of 5G it’s giving us more, you know, I guess power to be able to better encrypt our data supply chains going from device to device through that improved connectivity and improved speed. 5G really will allow us to be more effective in protecting the connections of IOT devices that are connecting to everywhere.
That being said, you know, that’s all great But then, you know, every vendor out there also gives you a end user license agreement, which nobody reads you know, it’s about a hundred pages that you click, right? When you set up a new account with your new device and you say, ” oh, read the terms and agreements.” Nobody does, sure enough you basically are oftentimes giving your rights to that data for them to monetize, for them to utilize in a variety of different ways.
So there’s, there’s definitely going to always kind of be that situation where, you know, as much as I love to say that people are going to go out and build devices that augment them, you know, our lifestyles and, you know have a lot of benefits to them. They also need to make money as private companies and they oftentimes do that through data. So as a consumer, you’ve got to kind of always, you know weigh that component of things, of does this company bring enough value to me for me to allow them to use my data.
MBS: Right.
TT: And how much of that data are they going to be utilizing? That’ll be a constant thing. The encryption is one side of it and they’re there. That’s what I consider hard security. Right. But at the end of the day, a the soft security component of it is that if a user just says, sure you can have my data, there’s not a whole lot you can really complain about after that.
MBS: Right. Right. So it’s understanding what you’re agreeing to. And I think that’s just being aware of every one of these devices that we bring into our home, it’s got it’s happening, it’s happening. And just kind of having that.
TT: It does. It has lots. And, you know, we do have certain protections in place. We have seen over the last few years here some new policies that have come out in place, the two big ones would be GDPR and CCPA. GDPR. GDPR is a policy set of policies around data privacy within the EU that essentially protect consumers from their data being used in malicious ways by companies or being monetized in ways that probably are not exactly the most ethical in nature.
Within the US we have CCPA and this is specifically only related to California, California was the first and to date is the only US state. And we do not have a national policy around data privacy at the moment. But CCPA has, I guess, changed kind of the landscape with US around data collection and and ensuring consumer privacy around that.
Because so many of our large companies obviously operate in California with it just being a huge economy on its own. They’ve started to kind of comply with CCPA, for the rest of the US as well simply just because it’s kind of easier to just say, hey we’ll apply it everywhere. So that’s kind of been a big topic.
MBS: Yeah. Wow. So, so if we look at this from, you know thinking of that average homeowner who should, you know expect and understand what’s happening with their data if we look at it from the homeowner perspective how will an individual homeowner or a renter, even for that matter, you talked a lot about apartment buildings. When you start talking about smart cities how can they benefit from smart cities?
TT: Well, I think the big, the big ones are the, you know there it’s about convenience, right? And it’s going to augment our lives. It just makes life easier. Right. If I don’t have to go change my thermostat because I’ve got a thermostat that’s learning the temperatures that I like and doing so in the most energy efficient way, well, great. It’s going to make my day to day. I don’t have to worry about setting the temperature when I leave or whatnot just does it automatically. And then on top of that, it’s probably going to save me money cause it’s going to do it the most efficient way. So whether I’m a renter or a homeowner itself I’m going to end up saving money just because of energy efficiencies that have been coming into play with smarter cities.
You know, another big benefit obviously is just transportation optimization. You know, we generate a massive amount of data as we drive, as we bike, as we hop in metros and whatnot. And we’re, we’re getting all this data to be able to try and better improve, kind of our, our how much time we spend just getting from place to place, you know, America, we’re not so I guess, public transit friendly compared to some other other parts of the world. So we’re very reliant upon cars. So optimizing, you know, our traffic patterns to to both reduce, you know, the risk of driving, you know, reducing car fatalities, things like that. But then also just making it better to just move things up.
Interestingly, you know, Google just recently announced a release for Google maps to where they’re going to be changing their algorithm default to make it the most gas, efficient and least polluting patterns when you go, right. That’s just another another way that IOT devices are kind of coming into play with all the cars that we have. It’s, it’s trying to dramatically reduce, you know, our our carbon footprint here. And we’ll see that with smart cities as a whole, so that you’ll be able to use this data to to attack kind of these big macro problems around energy efficiency, around pollution, you know making cleaner air possible, better just the logistics throughout a city.
And then obviously you get all the, the the just pinpoint solutions that, that we already get today you know, or have the option to get today where, you know it is about the devices of I can control anything with my voice or, you know I can use just smart devices in the house.
MBS: Yeah. Well, so this is it’s, it’s also fascinating. And I think it’s these are all things that we’re all using, smart devices. All of, many of us are very familiar with these. And I think if we look at this concept of not just smart homes, but smart cities is is it uniform across the country? If we look at kind of the smart city landscape does it change within the geography within the U S and I guess that idea too, like what about outside of the U S are there places in the world that are ahead of the U S when it comes to smart cities?
TT: Yeah. Yeah. I mean, quite honestly, Europe, Asia, even parts of the Middle East as well, have taken a very, I guess structured approach to try to modernize some of their cities, you know and with all things with technology oftentimes it’s easier to build a brand new one than it is to go and try and modernize legacy solutions.
And so in certain areas like China, for example where they’ve just had massive population growth and they’re just they just are very good at urban planning and they will go build a new city and say, hey we’re going to build a new, you know 20 million person city, and everybody going to move here but we’re building it from the ground up and they’re doing it really, really quickly. So they’re doing it in a way to integrate technology into this as well.
You know, and we see, especially in a lot of the Nordic countries as well, where they’ve been able to modernize a lot of their cities in ways that, that we can’t always do as well in the U S and part of that is just the population differences. You know, if you think about a lot of the European cities, they’re just, they’re not as big. They’re not both from a population perspective but also from a geographical presence.
You know, we talked earlier about people moving from the cities to the suburbs and things like that. Well, in Europe, it’s a much smaller geographic footprint. So it’s a little bit easier to to kind of connect things when you’re, you know connecting call it, you know 20 square miles instead of, you know, 500 square miles.
So there are, you know, places that are a little bit further ahead of us. And some of that also comes down to just the types of different governments that exist and how much government can be involved in urban planning.
You know, the U S here we have a very kind of hybrid approach with a lot of private companies partnering with public but it’s relatively slow at times. And there’s, there’s a lot of red tape. And, you know, especially in some of these, these cities these municipality governments, they may not necessarily have the people bandwidth to be able to try and bring something like this to bear. So they have to rely heavily upon private sector companies to do so.
Now, obviously there you get into kind of the issue where private sectors first and foremost there to make themselves money not necessarily always designed the most efficient things for a given city center. And so that’s where, you know, governments in Europe and Asia that may be a little bit different than ours or able to kind of guide that conversation a little bit easier.
MBS: Wow. The concept of building a new city, it just kind of made my brain explode a little bit. Cause I think, you know, people often think about, oh there’s a new housing development, or there’s a new apartment complex and people want to live in what’s brand new.
But the idea of building a new city from the ground up is something that I don’t think many people have ever really thought about or considered. Is that something that you think we might see here in the U S too? And I mean, there, there there’s some cities that obviously are newer than others. We have some on the east coast, I think Boston that are used to have such a long legacy old cities to them. Would it be easier to build rebuild the city if it were a newer city? Or what, what do you think is going to happen with that here in the U S
TT: I mean, it’s definitely not easier to implement these types of things in existing cities. You know, it’s the same reason when, Hey if somebody wants to put a new, you know, a metro-line in in a new city, it takes forever and it usually never gets done anyways. Because then you’ve got to build right through people’s houses, where buildings already exist.
So yes, it would be really amazing to be able to go ahead and build new cities entirely here in the U S and I think that, you know there’s been discussion around it. You hear every now and then have some new developers saying, oh we’re going to go build the next big city. It’s going to be the, the smart connected city, but there’s, you know the kind of paradigm that has to exist of jobs and livability and everything.
I think the pandemic changes a little bit of the conversation, quite honestly in the sense that remote work has become obviously a little bit more mainstream at this point in time. And we could see cities that are a relatively new cities call them, you know, remote havens, if you will. And I know that a lot of smaller cities here in the US are actually giving stipends and incentives for people to move to their cities. Now that remote work is a little bit more more mainstream, right.
But I don’t know that we’re going to see any, just say, Hey I’m going to go build a 20 million person mega city here and it’s going to be the best and brightest, you know in the world type kind of situation. We, we, that’s just not really how we do things in the U S I feel, you know, like I said you see that a lot more in China and some of the other Asian countries that are just a little bit more likely to do that. One of the things that you will see is around new developments, right?
New, new neighborhoods was, you know you mentioned we will start seeing smart neighborhoods we’ll see connected neighborhoods to where a lot of these devices and solutions are kind of built out and tested. You know, we’ve been having a lot of conversations at CoreLogic with a variety of different builders, right? And we’re, it’s very interesting to hear how they’re leveraging and partnering with a variety of different technology vendors that have these devices.
I mean, it’s becoming almost a standard and a lot of the new builds that are happening especially in the suburbs where you better believe that this house is going to be a smart house at the very least. So you’ll have smart appliances, smart energy systems and that’ll be much I think, will happen a lot more going forward especially in the new build side, again with the trying to retroactively modernize, older cities, older homes and whatnot. It’s, it’s not going to be as easy. It’s usually not as cheap, but it’ll come.
MBS: Yeah. As I, as I hear you talk my brains going in a bunch of different directions, and I kind of went to the thought of, I, it feels very Disney-esque. And I know back in the day when Disney created EPCOT center, they the original plan for that is they wanted that to be the city of the future. And it just sort of evolved into a theme park, but in a way kind of a visionary ahead of its time in, in in many ways with the development of, of EPCOT center.
TT: It is. And to some extent, you know I think we’ve realized that solution, right. To not quite to the EPCOT experience but we are seeing things kind of, you know these work, live, play developments, right, where there’s centralized developments where, you know we do have a lot of commercial developments, we have restaurants, we have shopping, we have offices, right. And then we have, you know people that have got their houses and town homes and condos that are built right within the community itself. And it’s kind of like a mini city right there.
MBS: Right.
TT: And that’s where I think at least within the US that there’s a prime opportunity to at least try some of these types of new development methods to integrate technology really seamlessly into these homes, these, these work, live, play scenarios.
MBS: Right.
TT: And, and we’re seeing this, you know a good example is parking, right. A lot of these work live play places will have a parking apps and parking lights that basically says a spot’s open, right? Come here, how to, how to optimize those types of things. So instead of you circling, you know for 10 minutes trying to find the closest parking spot it just tells you on your phone or on your navigation, you know, within the car itself.
So I think we’re going to continue to see those types of plays specifically in the US, and especially with the you know, the, the millennial generation kind of coming into their prime home owning age frame, if you will, right. You know, millennials are now moving into the process of becoming homeowners themselves. And there is a generational, I guess component to smart cities and IOT. The younger generations have adopted a technology. You know, they grew up with it many times to where they expect um to be able to just call out to Alexa and say, Hey, you know where’s the nearest, you know, sushi place.
MBS: Right.
TT: And we’re going to see that I think with the newer builds and newer communities, just because the younger generations are going to kind of expect it and, and they’re willing to pay for it. I, you know, I think interestingly enough, though that you look at the generational component of things and we’ll see a reverse side of the equation here with our aging population, you know we’re about to have our largest generation age out of the workforce, essentially. And there’s not necessarily the social structures that may exist in some of the other countries in the world for, for the elderly here.
And so one of the things that I kind of have a theory on is that we’re going to start seeing, I guess elderly communities and whatnot that are more connected because quite honestly, you know, they they need a little bit more of that oversight, you know, trying to teach my grandmother how to send a text message was a nightmare, but she’s very adept at yelling at Alexa, she’s great at yelling at Alexa.
And so, um, that’s that’s kind of a component where it’s very unique and that we get to see people who don’t necessarily aren’t the most technologically oriented people but because they’ve been using their voice for for their entire lives, they’re they’re capable of interacting with technology in a way that we don’t necessarily think about it.
And so I think that’s going to give kind of a an integrated support network to families, extended families, to where maybe, you know, they they don’t know what to do with an aging parent, an aging grandparent. And so these, these, you know, communities for the elderly are starting to pop up and they’re having more of these integrated capabilities to where, you know they can just do their power of their voice. You know, change the thermostat, change the TV, call you know, their grandkids through a video thing.
And they’re not trying to have to figure out new technology because, you know the connected devices are voice activated. So I think that’s gonna continue to push it the other direction of the, the generational gap there to where we’re going to see more of these things popping up all over the US.
MBS: Yeah. I, I totally agree with you. I, I see it happening. I live in the Silicon Valley and in California, in the bay area, and it’s just a tech hub where we are. And a lot of the things you mentioned we run into every single day. The parking is my favorite with the little lights to show you where you can park. That’s just, it’s such a brilliant invention. And we have a lot of those around here.
And I think just beginning to see more and more of those and seeing technology become more accessible and easier to use for all generations, because it’s like you mentioned, like the next generation that’s coming into the workforce, they’ve never known any different. They only know about technology driving every part of their lives but to see it evolving for our grandparents to know how to use Alexa and be able to communicate with devices is really kind of a remarkable achievement of technology to make it something that is so usable by everybody, which is really kind of cool.
TT: Absolutely
MBS: Yeah. Okay. So I could talk to you all day, Ty this has been really fun. So I think to finish off today, it, can, we like tie this back a little bit to what are we doing here at CoreLogic? How do we intend to be part of the smart city landscape moving forward?
TT: Well, you know CoreLogic does everything property data and obviously with all these new devices that are coming out there there’s a prime opportunity to really be able to leverage this data in intuitive ways. You know, we’re, we’re very much about helping people will be able to find by and protect their largest financial assets, you know, a home typically.
And so through that, you know, we really are looking at this kind of from the protect side of the equation here, you know, it’s interesting that 86% of all insurance claims, housing claims are related to fire, theft and flood, non hazard related.
So, you know, not like a a hurricane coming and flooding their house, but you know a broken pipe or, or something along those lines. And so, these are kind of areas that that really can be tackled through smart devices and through connected housing, right. You know, we can put water sensors either on the main shutoff valve and that way, if a pipe burst they can automatically turn the water off to the house. We can put sensors near water pipes to identify if there’s drips say from an HVAC condensation plate boiling over or something along those lines, obviously you know, smoke detectors, carbon monoxide detectors anything that could signify that, you know there’s an electrical fire, right. To prevent that possibly.
And then at the very least notify proactively the emergency services to be able to handle that. You know? And so then, and then obviously the security component of things, you know, that’s a lot of people have been investing in, you know, security, home security, you know, cameras and whatnot and it’s become very easy to connect those up to, you know, the all the voice activated things and let you know, you know what’s going on around your house.
These are three areas that we really see as opportunities.
And, you know, we’re looking to partner with some of the vendors that are out there. And the builders themselves that, as I mentioned are starting to put these in the new buildings and new developments. You know, we want to make sure that our customers, you know, a lot of the large lenders, large insurance carriers are able to help their customers the, the actual end users, the homeowners mitigate this risk.
You know, it’s, it’s interesting that any time you have a insurance claim, you actually have a a higher likelihood of defaulting on a mortgage. There’s a direct analysis or direct correlation between those two things. And that’s why, you know, it’s better to be able to try and either prevent or mitigate the damage around a house, you know, through, through any of these types of scenarios, if we can help with that.
And so that’s, you know, one of the things that we’re looking to do is like I said, partnering with these vendors to be able to help do this analysis. And then in turn, just to protect the houses that the, the you know, the Americans are living in.
MBS: That’s a great tie on. And that topic, I think is one that we’ll probably dive into a little bit more on Core Conversations in in time as well too, as the insurance industry really moves from being a response industry of just paying out claims to becoming more of a how can we mitigate and prepare to eliminate some of these these claims that do happen. So I think this is just one part of that equation. So Ty, thank you so much for joining me today on Core Conversations, a CoreLogic podcast.
TT: Yeah. Thanks for having me. It’s been a pleasure.
MBS: All right. So for more information on the property market and the housing economy please visit us at corelogic.com/insights. Thanks for listening. I hope you’ve enjoyed our latest episode.
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