(Image source: GeoX website.)
Insurity (Hartford), a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has partnered with GeoX to provide property/casualty insurance organizations with geospatial property data and first floor elevation data to more accurately classify and assess risk. As a result of the partnership, Insurity customers can use GeoX’s proprietary artificial intelligence and patented technology to automate the extraction of 3D objects from aerial imagery to create more precise risk models.
As advanced imagery-based data and analytics makes it more efficient to determine the condition and characteristics of a property attribute and accurately price the risk, it becomes imperative for insurance organizations to adopt this technology to maintain a competitive edge in the marketplace, says an Insurity statement. Through the partnership with GeoX, Insurity says its customers can access data about residential or commercial property to easily validate property characteristics without needing to go into the field.
From there, insurers can use GeoX’s deep learning technology to accurately predict the properties likely to be affected by natural disasters and take the necessary action to mitigate risk, including providing policyholders with actionable adjustments they can make to their property to decrease risk, the Insurity statement elaborates. For underwriters and agents, this means increased efficiency at point-of-sale and a streamlined renewals process, as insurers can increase prices where necessary to increase revenue, while dropping prices where they are able to do so, resulting in increased customer satisfaction, the vendor asserts.
During a limited-time promotion, Insurity and GeoX is offering a volume-based pricing model, eliminating the need for a minimum commitment or heavy contractual obligations, which historically prevented smaller and medium-sized carriers from leveraging geospatial data.
Addressing Increase in Climate-Related Losses
“GeoX is thrilled to announce our new partnership with Insurity, a collaboration that serves as a beacon of hope for carriers facing the challenges increasing losses posed by changing climate conditions,” comments Yuval Mey Raz, Chief Business Development Officer, GeoX. “By joining forces with Insurity, a leading player in the insurance analytics field, we are confident that we can provide the necessary solutions to address these obstacles. Through our expertise in aerial imagery and AI models, combined with Insurity’s network and sector understanding, we will empower insurance stakeholders to overcome the challenges they face.”
“Through this partnership with GeoX, Insurity seeks to provide our customers with a powerful tool to navigate the complexities of a changing risk landscape,” comments Kirstin Marr, Chief Analytics Officer, Insurity. “With our combined expertise and solutions, we will offer accurate and unique property data, enabling carriers to create more precise risk models, adjust pricing effectively, and streamline their underwriting process.”