(Edmonton, Alberta. Source: Pixabay.)
CAPE Analytics, a Mountain View, Calif.-based provider of geospatial property intelligence solutions, has announcing its expansion into Canada. The vendor says that property stakeholders can access the most accurate and recent data available for many properties in Canada, including loss and valuation predictive attributes such as roof condition rating, yard debris, pool and solar panel detection, and vegetation coverage, and more.
To date, Canadian carriers and real estate investors have had to rely on outdated or inaccurate property data. CAPE characterizes the extension of its offering to Canada as an improvement on available sources of property data that are outdated or otherwise inaccurate. The vendor describes its solution as using high-resolution aerial imagery and artificial intelligence to create a constantly evolving database of recent, accurate property information, including characteristics such as tree overhang, roof geometry, roof covering material, and structure size, as well as assessments of property condition, including the roof and the entire parcel. CAPE says its customer success team works hand-in-hand with clients to maximize the utility of this new dataset in business workflows—from quoting and underwriting to home valuations and loan pool decisioning.
CAPE insights are now available for residential properties in major metropolitan areas, including Vancouver, Edmonton, Winnipeg, Calgary, Toronto, Ottawa, Quebec City, and Montreal. These insights are provided to customers in under two seconds, via API, or through third-party core processing platforms, such as Guidewire and Duck Creek, the vendor says. Customers who want to leverage CAPE property intelligence immediately can also use the CAPE web application or batch file transfers.
“We’re thrilled to bring CAPE geospatial property intelligence to stakeholders in Canada, to help carriers and investors transparently assess and understand property risk and value,” comments Amy Minnick, Chief Business Officer, CAPE Analytics. “This expansion represents a significant milestone for the CAPE team, as we look to expand beyond the United States and extend our geospatial property intelligence to new markets based on customer needs.”
The vendor asserts that insurance carriers and MGAs operating in Canada can use CAPE information to improve quoting speed and accuracy, power straight-through processing, optimize inspection models at underwriting and renewal, and proactively detect property changes over time. CAPE imagery-based insights provide recent, loss-predictive property characteristics that can also be relied on to price home insurance policies far more effectively than the current market standard.