Geospatial technology is gradually emerging as a great aid for the insurance industry as geospatial data is being recognized to be a provider of essential and relevant information. Location based information helps an insurance agency to predict risks and help clients to avoid them and thereby protect them from various emergencies. Remote sensing can enhance risk modelling and intelligence, making insurance processes more efficient.
Launch of a geospatial solution for assessing roof damages by hailstorms
California based CAPE Analytics an AI-powered geospatial property intelligence company integrates geospatial analytics using geospatial imagery, scalable artificial
intelligence and risk relevant data that is useful for the insurance and real estate industries. Two new effective solutions have just been launched by them.
CAPE Analytics has partnered with Canopy Weather, a weather technology company to launch the ‘Hail Roof Damage Rating,’ on September 13. The ‘Hail Roof Damage Rating’ elaborates on the likelihood of post-storm damage to roofs and further provides accurate predictions for the subset of claims eligible for automated, straight-through insurance claim processing. Each year hail storms wreak havoc and cause much damage leading to thousands of insurance claims for home damage being submitted for consideration. The large volume of such submissions often lead to long wait times for the insured. The new ‘Hail Roof Damage Rating’ identifies high probability claims that can be swiftly processed within hours of a storm occurrence.
“With over a decade of experience focused on the industry’s hail claims problems, we’re excited to combine our forensic-grade hail analytics with CAPE’s AI-powered property analytics,” Matt Van Every, CEO of Canopy Weather, said. “Combining these two disparate core competencies – one company focused on weather damage, the other company focused on visible property vulnerabilities – is finally making weather data actionable.”
“Following heavy investment in wind risk and wildfire risk, CAPE is bringing new property-level insights specific to the growing hail problem, which can help carriers improve their risk analysis and claims processes,” said Busy Cummings, CAPE Analytics’ Chief Revenue Officer.
AI verified property data insight solution launched
Following on close heels CAPE Analytics, announced the launch of CAPE Purefill on September 14. This offering combines CAPE’s geospatial analytics with Foundry, the company’s new data fusion and machine learning platform, to generate AI-verified property data. CAPE Purefill produces accurate and dependable property insights that can drive better replacement cost estimations. This prefill solution offers greater accuracy in home insurance replacement cost estimates.
Geospatial aids enhancing accuracy of information and also the ability to provide information faster is making them popular and we can witness their growing inclusion in insurance discussions.
