(Image credit: Nik Ramzi Nik Hassan/Unsplash.)
Arturo (Chicago), an AI-powered platform that derives property insights and predictive analytics from aerial and satellite imagery, has announced a new portfolio-level risk engine designed to help property insurers segment, monitor, manage and respond to risk across an entire portfolio.
Arturo characterizes the new risk engine as a dynamic, role-based portfolio management solution that pairs policy addresses with AI-derived property characteristics to give insurers intelligence at scale. The solution layers various lenses, including a property lens and a portfolio lens, to deliver tailored views for the user to make tactical and strategic decisions across the policy continuum, according to the vendor. From visualizing risk in underwriting, flagging change detection for renewals, and triaging claims, insurers are able to leverage these insights to build a stronger book and nurture healthy combined ratios, the Arturo announcement says.
“Today’s insurers are measured on one KPI above all: the combined ratio–the measurement of gains against losses,” comments John-Isaac “jC” Clark, CEO of Arturo. “The damaging effects of climate change coupled with an increasingly competitive marketplace are challenging insurers, who often have access to tremendous amounts of data but grapple with how to operationalize it and adjust their business activities in response. Arturo’s engine enables insurers to think big for portfolio-level decisions but zoom in for point-level tactical decision-making to boost their combined ratio and decide with intelligence.”
This solution will be powered by Arturo’s latest deep learning models and it aims to help insurers solve the following use cases, as described by the vendors:
- Automated underwriting: Monitor changes to a property including the addition of structures (e.g., pool, trampoline, decks, solar panels and more) and changing risk factors (e.g., roof deterioration, roof-tree overlap, fall-in risk, and others) to automate bind and renewals and divert those that need further validation to elevated underwriting professionals or inspectors.
- Premium coverage optimization: Quantify the number of underinsured properties in your book by comparing policy information to current property details and risks.
- Proactive risk mitigation: Send targeted communications to policyholders that could benefit from mitigative actions to decrease their risk and improve their experience.
- Monitoring trends: Analyze and plan at the local level to get insights on new patterns like distribution of brands, policy types, or geographic concentration of attributes including roof condition, solar panels, and tree overhang.
- Claims triage: Explore claims distribution geographically, associate ongoing claims to weather events, and prioritize resources based on the level of need to reduce costs and increase customer loyalty and retention.
- Resilience planning: Plan for worst-case scenarios and underwrite risks that complement your tolerance. Understand material distribution and frequency to prepare and capitalize for costs around claims.
Arturo is inviting select carriers who are interested to participate in its beta program prior to the general release later this year for the United States, Canada and Australia.