CSAA Insurance Group is partnering with an analytics startup in order to improve its home inspections and boost the quality of its underwriting. Aon said it has partnered with an InsurTech digital broker to target the on-demand, sharing economy.
***
CSAA Insurance Group, a AAA Insurer, is partnering with Cape Analytics to improve home inspections and boost its underwriting quality.
The partnership involves Cape Analytics’ advanced AI technology, which enables a quicker and cheaper process to assess the condition of member homes. CSAA said that the pair-up has led to more accurate quotes for home insurance policies, resulting in improved underwriting decisions, risk selection and customer experience.
Specifically, CSAA used Cape’s property intelligence to help members proactively repair damaged roofs, provide more accurate policy pricing at both renewal and new business, and reduce unnecessary inspections of high-quality roofs.
With a database of more than 70 million residential buildings in the U.S., Cape Analytics provides timely and accurate property information by leveraging geospatial imagery, computer vision, and deep learning. Cape Analytics’ algorithms can identify a range of impactful property attributes and loss-predictive signals
***
Aon said it has partnered with InsurTech digital broker Bunker to target the on-demand, sharing economy.
The partnership gives Aon and its clients access to Bunker’s compliance platform and Live Certificate of Insurance, ensuring an organization’s contractors, independent workers, and vendors are compliant with insurance standards in real-time. Bunker will be able to expand its reach through Aon’s enterprise network, risk management expertise, and global capabilities.
Specifically, Aon’s partnership with Bunker enables the firm to help its clients manage proof of insurance in real-time, streamlining a process that has historically been manual. In addition to automating the insurance verification process, contractors and vendors are able to easily comply with requirements through usage-based insurance products that are embedded digitally in an organization’s onboarding process.
Bunker, which first came onto the scene in 2016, focuses on the small business insurance market.
Sources: CSAA Insurance Group, Aon