CAPE Analytics, a leader in AI-powered geospatial property intelligence, has partnered with Google Cloud to develop predictive analytics that enhance risk management for insurance carriers and property valuation solutions for the real estate and mortgage industries.
CAPE states that by leveraging Google Cloud’s secure cloud infrastructure and machine learning technology, it will be able to deliver an objective and instantly available source of property information that supports a more accurate understanding of risk and value.
Ultimately, this will enable insurance carriers to better protect their customers, explains CAPE.
Ryan Kottenstette, the firm’s CEO and Founder, commented, “Our partnership with Google Cloud gives us an advanced, secure, and sustainable platform on which to build innovative property insights for the insurance industry.
“By combining CAPE’s leading machine learning and computer vision capabilities with Google Cloud’s industry-leading cloud platform, we can empower property insurers and their customers with high-quality information about current property vulnerability, and help them identify more effective methods for reducing those vulnerabilities.”
According to CAPE, there were 18 weather events with losses exceeding $1 billion each in 2022 alone. The firm notes that to safeguard homes and businesses, insurers need access to accurate and timely property insights that help them predict risk.
By utilising its proprietary AI and analytics, CAPE states that it will be able to provide risk-predictive insights into roof conditions, building materials, construction, and vegetation on a property, in addition to weather-focused risk scores for wildfire, hail, and wind.
Zac Maufe, managing director, Global Financial Services Solutions, Google Cloud, said, “We see cloud as a key enabler for innovation at pace and scale across the insurance value chain.
“Bringing the CAPE Analytics platform to Google Cloud helps insurers to unlock unprecedented insights and improve risk mitigation by accessing CAPE’s property analytics data and capabilities on a more secure and sustainable cloud infrastructure, and by utilizing leading cloud AI and ML capabilities.”
