Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has partnered with GeoX to provide P&C insurance organisations with geospatial property data and first floor elevation data to more accurately classify and assess risk.
Insurity suggests that its customers can now leverage GeoX’s proprietary artificial intelligence and patented technology to automate the extraction of 3D objects from aerial imagery to create more precise risk models.
“Through the partnership with GeoX, Insurity customers can access data about residential or commercial property to easily validate property characteristics without needing to go into the field,” the firm explains.
Insurity says that insurers can then utilise 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 firm continued, “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.”
Meanwhile, for a limited-time promotion, Insurity and GeoX will offer a volume-based pricing model, eliminating the need for a minimum commitment or heavy contractual obligations, which Insurity notes has historically prevented smaller and medium-sized carriers from leveraging geospatial data.
Yuval Mey Raz, Chief Business Development Officer at GeoX, commented, “GeoX is thrilled to announce our new partnership with Insurity, a collaboration that serves as a beacon of hope for carriers facing the challenges and increasing losses posed by changing climate conditions.
“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.”
Kirstin Marr, Chief Analytics Officer at Insurity, “Through this partnership with GeoX, Insurity seeks to provide our customers with a powerful tool to navigate the complexities of a changing risk landscape.
“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.”
