Cape Analytics, a startup that relies on machine learning, computer vision and geospatial imagery to produce propriety property data for insurance carriers and others, is expanding.
After a start in Florida, the California-headquartered company is now offering its data coverage in 8 other states covering the southeastern seaboard: Texas, Louisiana, Mississippi, Alabama, Georgia, South Carolina, North Carolina and Virginia.
“This is a major step towards our fast-approaching goal of providing insurers and reinsurers with property data across the continental united States,” Cape Analytics CEO Ryan Kottenstette said in prepared remarks.
Additionally, Cape Analytics said it has expanded the selection of its valuable property features that can be integrated into carrier quote systems. This includes information on roof condition and characteristics, square footage measurements, and parcel features such as solar panels and pool enclosures.
Cape Analytics explained its expansion release that the changes will let insurers instantly pre-fill property information at time of quote, shorten their application processes, price policies more accurately and reduce post-binding adjustments and cancellations. As well, reinsurers can instantly verify critical data attributes across entire candidate cedant portfolios.
The company uses geospatial imagery, computer vision and machine learning to instantly and automatically gain proprietary data for insurance carriers and other property stakeholders. Cape Analytics says the combination helps transform the underwriting process “by improving the agent and customer experience, increasing quote speed and refining quote accuracy” in a more cost-effective way.
Source: Cape Analytics