Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk and claims insights, has announced a global expansion of its catastrophe response capabilities to the United States insurance market.
In the last couple of years, Arturo has proven the value in bridging disparate data sets to derive impactful property insights, playing a crucial role in providing insurtech solutions in Australia. Climate change-induced extreme weather events have cost each Australian household $888 on average over the past ten years.
In 2021-2022, that cost rose to $1,532 and is expected to jump to $2,500 by 2050 due to the increasing frequency and severity of extreme weather. Strategically working with companies in the region, namely ICEYE, Vexcel Imaging and the Early Warning Network, Arturo leveraged AI to build a solution to contend with these events before, during and after they occur.
Traditional event response relies on reactive tactics, waiting until after severe weather clears to jump into action. To streamline claims, Arturo plans to take a proactive approach. Arturo’s AI-powered models integrate all past, present, and future-modelled insights and environmental impacts needed for accurate and quick claims management. Carriers will be enabled to warn policyholders in advance of potential impact and recommend mitigative actions, and also assess the event in real-time, helping to ensure adjusters are deployed safely and strategically.
Greg Oslan, the CEO of Arturo said, “Australia is a bellwether for the U.S. insurance industry. The climate, which is often burdened by natural disasters and extreme weather, combined with the country’s regulatory landscape, creates a unique set of challenges for insurance carriers. These obstacles have prompted them to adopt technology more rapidly, pushing the technology to innovate and constantly redefine the industry’s future and what the norm is for policyholder experiences. Arturo has been a key part of that process and understands how to translate this success to the U.S. market.”
This announcement further solidifies Arturo’s position as an important portfolio intelligence provider across the entire insurance lifecycle.
Along with the claims solution unveiled at PLRB, this capability will unite events and their impact on the property to create true insights for carriers when they need them most. Arturo’s holistic approach aims to allow the insurtech to partner with insurers through every step of the process, helping them to significantly reduce costs, better respond to policyholders and predict impact across portfolios.
