The Hartford is working with Cape Analytics to apply artificial intelligence to its property insurance quote and renewal process. An InsurTech focused on streamlining workflows for independent insurance agents and wholesalers completed a three-month pilot program it has deemed a success.
The Hartford is partnering with Cape Analytics to obtain comprehensive, predictive and accurate artificial intelligence (AI)-based property information for use at time of quote and renewal.
Their deal calls for Cape Analytics’ imagery and AI-based technology to help supplement The Hartford’s home inspections, providing the company with new insights about the properties it insures.
Cape Analytics’ property intelligence product is derived by applying computer vision and machine learning algorithms to geospatial imagery. The company touts it as offering comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to fundamentally improve underwriting processes. This includes a targeted selection of rigorously developed property attributes and loss-predictive signals such as Roof Condition Rating.
In 2018, The Hartford invested Series B funding to help Cape Analytics expand its sales and AI-centric product development teams.
Semsee, an InsurTech company focused on streamlining workflows for independent insurance agents and wholesalers, claims its recent three-month pilot program has been a success.
During the pilot, over two dozen agencies used Semsee to quote Business Owners Policies (BOP), representing over $450,000 in premium, with their appointed insurance carriers, Semsee said.
Semsee said it has combined robotic process automation, API connectivity and deep insurance expertise to create a SaaS platform that provides agents with access to over 25 percent of the BOP market, including half of the top 10 carriers, across all business types nationwide.
Pulling from its database of over 4,000 carrier questions, Semsee said it generates a single smart form based on the insured’s operations and location. After completing this 10-minute form, agents receive quotes from multiple carriers, while eliminating the time-consuming, error-prone and redundant data entry typical to insurance quoting.
Sources: The Hartford/Cape Analytics, Semsee