(Image source: Cape Analytics.)
The Hartford (Hartford, Conn.), one of the U.S.’s largest property/casualty insurers with 2018 revenues of $19 billion, has licensed Cape Analytics’ (Mountain View, Calif.) property intelligence solution to obtain comprehensive, predictive and accurate artificial intelligence (AI)-based property information for use at time of quote and renewal. Cape Analytics’ imagery and AI-based solution will help supplement The Hartford’s home inspections, providing the insurer with new insights about the properties it insures, according to a vendor statement.
“We continue to invest in technology that helps streamline our processes and improve our customer service,” comments Ben Rhodes, head of homeowner’s product at The Hartford. “The modern capabilities and data provided by Cape Analytics helps provide additional insights about a home, such as roof condition, shape and material, which helps enhance the evaluation of the risks we insure.”
Cape Analytics’ describes its property intelligence solution as derived by applying advanced computer vision and machine learning algorithms to geospatial imagery. The vendor claims that it is the only solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to fundamentally improve underwriting processes. This includes a targeted selection of what the vendor characterizes as rigorously developed property attributes and loss-predictive signals such as Roof Condition Rating.
Real-Time Intelligence Solutions
“The Hartford has been a tremendous partner for us as they lean into the use of our innovative data sources,” comments Ryan Kottenstette, CEO, Cape Analytics. “We look forward to deepening our relationship with The Hartford’s outstanding team as we continue to work hand-in-hand on extending our real-time intelligence solutions.”
In 2018, The Hartford invested Series B funding to help Cape Analytics expand its sales and AI-centric product development teams.