(Image credit: Hans Braxmeier.)
LexisNexis Risk Solutions, a provider of data, advanced analytics and technology to the insurance industry, and Arturo, an AI analytics provider of property insights and predictive analytics, announced a new strategic relationship aimed at offering U.S. home and commercial property insurance carriers a more accurate and cost-effective way to assess the condition of a roof for policy underwriting. The relationship leverages the industry’s leading set of home and auto insurance claims and geospatially analyzed weather event data from LexisNexis Risk Solutions matched with Arturo’s advanced machine learning models for aerial imagery, a LexisNexis Risk Solutions statement says.
Arturo’s imagery analytics will be used to enhance the recently developed LexisNexis Rooftop solution, to provide property insurance carriers with a roof condition solution at point of new business and prior to renewing existing policies. Combining aerial imagery with claims data will deliver a more accurate view of the roof condition, enabling carriers to make better decisions when writing a new policy as well, according to the LexisNexis Risk Solutions statement.
“Working with an innovative partner like Arturo is ideal based on carrier feedback that the current methods of insurance inspections are costly and may not provide the same level of granularity,” comments George Hosfield, senior director and general manager, Home Insurance, LexisNexis Risk Solutions. “With the continued increases in roof-related claims severity, our innovations will address a critical need in the industry.”
Combining ‘Immense’ Data and Expertise with AI Imagery Analytics
“We have a deep understanding of the current challenges insurers face when it comes to predicting risk and pricing policies,” says John-Isaac Clark, CEO, Arturo. “By combining the immense amount of data and expertise from LexisNexis Risk Solutions with our industry-leading AI imagery analytics capabilities, we can change the game for insurance carriers, and we are looking forward to taking property insurance risk assessment to the next level.”