(Image source: CAPE Analytics.)
InsurTech homeowners insurer Hippo (Palo Alto, Calif.) has announced a new integration with CAPE Analytics (Mountain View, Calif.), which uses deep learning and geospatial imagery to provide real-time property intelligence. Hippo characterizes the integration as advancing its automated property analysis capabilities to more narrowly target property characteristics and tailor policies accordingly, using its own machine learning algorithms.
Hippo describes its approach as modernizing the home insurance process by using advanced technology to identify and address homeowner issues proactively. Through its work with analytics sources to build deeper layers of insights, Hippo reports that it continues to enhance its underwriting and ongoing risk management and mitigation insights to provide premier home protection. Hippo says that CAPE’s geospatial property analytics, powered by machine learning and computer vision, layers into Hippo’s proprietary policy management system to expedite the onboarding flow for new leads while increasing the accuracy of policy coverage and premiums specifically tailored to a unique property.
“CAPE’s integration will be instrumental in driving deeper property intelligence, which in turn proactively protects our customers and seamlessly intrigues the most accurate information into the onboarding flow for potential customers,” comments Aviad Pinkovezky, Chief Product Officer, Hippo. “With CAPE, we acutely define the characteristics of a property and its surrounding area with a degree of accuracy that hasn’t existed before in home insurance to help our customers take important steps to protect their home.”
CAPE identifies valuable property characteristics such as a roof’s condition, yard debris, solar panels, overhanging trees, swimming pools and more with faster speed and accuracy than traditional third-party data sources. This intelligence will support further automation of Hippo’s underwriting process and even enhance its renewal capabilities, replacing the need for in-person inspections, the company says. As a result, Hippo says its customers receive a streamlined home insurance experience with tailored policy coverage year after year.
Narrowing In on Risks
Hippo asserts that the level of property intelligence afforded by CAPE’s technology helps the insurer to narrow in on homeowner risks that are commonly associated with catastrophic losses in areas prone to wildfires and hail. Because geospatial analytics capture property changes continuously, Hippo says it can proactively reach out to customers earlier to help make recommendations to mitigate potential issues, such as clearing surrounding brush or trimming overhanging tree limbs, or updating their policy coverage.
“We’re thrilled to be integrating with Hippo, an established technology partner providing meaningful protection for homeowners,” comments Ryan Kottenstette, CEO and Cofounder, CAPE Analytics. “The impact our team has made to establish and advance geospatial analytics in insurance helps provide companies like Hippo with accurate property intelligence and action-oriented insights that can truly drive change and help keep their customers protected.”