(Image source: Cypress homepage.)
Cypress Property and Casualty Insurance, has selected CAPE Analytics’ AI-powered geospatial property intelligence to help the Jacksonville, Fla.-based carrier to achieve faster underwriting decisions, support new business quoting, and reduce unexpected loss due to incomplete or out-of-date property information. The integration of CAPE’s technology provides Cypress’s personal and commercial lines businesses access to CAPE’s property data and Roof Condition Rating insights to streamline underwriting and renewal processes, and verify eligible properties quickly and efficiently, according to a CAPE statement.
“Our partnership with CAPE Analytics has been instrumental for our business, as we strive toward a more efficient underwriting process and manage risk across our book over the course of the policy lifecycle,” comments Michael Cratem, EVP, Underwriting, Cypress Property & Casualty Insurance Company. “This integration has improved the insured experience across both our personal and commercial lines businesses, and supported our premium growth over the past year.
Since adopting CAPE’s geospatial solution, Cypress reports that its commercial lines business has seen significant growth. The carrier also continues to mitigate hurricane risk across its book of business with automated insights into a structure’s vulnerability to high winds. Cypress uses CAPE property intelligence for 100 percent of incoming commercial residential condominium association submissions to screen properties for potential condition issues upfront, reducing the likelihood of post-bind changes and streamlining renewal conversations around any potential safety concerns, according to the CAPE statement.
“By partnering with CAPE, Cypress can better protect their insureds, while streamlining business practices and monitoring their book of business over time,” comments Scott Moore, VP, Sales, CAPE Analytics. “This results in not only providing insureds and agents with a seamless experience, but also supports Cypress’s ability to continue building a fundamentally sound business.”