Reducing Business Interruptions From Earthquakes
Co-founded by Thompson and entrepreneur Doug Frazier, Safehub helps users minimize losses due to earthquakes. Through the use of proprietary sensors and software, the startup company provides real-time structural damage information for commercial buildings.
Sensors built by Safehub detect motion in the earth as well as the response of the structure the device is installed in. The sensors are capable of analyzing the natural frequencies of structures to determine any damage done to the building by the earthquake.
Building information is accessible through a web dashboard at any time, and email or text alerts are sent to users when motion or damage is detected. The platform from the startup automatically gauges the level of structural damage and helps business owners estimate potential losses due to business interruption. By providing readily available information regarding the stability of a building, owners can effectively determine whether it is safe to resume operations or temporarily shut down while repairs are made.
"Our mission drives us to seek out technologies that digitally transform both insurance and reinsurance for the benefit of our clients,” said Ulrich Wallin, head of Hannover Digital Investments, the investment arm of HDI Group. “Safehub's solution for delivering real-time building-specific earthquake damage information fits well within that mission.”
Tapping Into the Emergency Management Industry
Safehub is breaking into a growing industry. The market research projects the global incident and emergency management market to reach $148.5 billion by 2024 at a CAGR of 6.8%. While Safehub is currently focusing on earthquakes, the business model designed by the startup company holds great potential to expand into new markets by providing data related to other natural disasters.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.