Cape Analytics is launching what it bills as the insurance industry’s first geospatial portfolio monitoring products.
They’re intended to work together. Change Detection is designed to alert carriers when Cape’s artificial intelligence identifies a change to a property that affects a policy’s risk profile. Property Chronicle, in turn, provides a visual representation of property attribute history over time. Carriers can decide to use one product or the other.
With the launch, Cape Analytics claims it is bringing something new to the table.
“The ability to monitor an in-force portfolio and understand when properties change has been a major missing component within the policy service workflow,” Busy Cummings, VP of Sales at Cape Analytics, said in prepared remarks. “Every carrier knows they have exposure to risk creep but, historically, the only remedy has been to inspect every half-decade, on average.”
Cummings claims that the new offerings let insurers see a property’s true condition for every risk, before renewal, so they can price accordingly.
Cape Analytics asserts it is the first company to offer a geospatial portfolio monitoring product that is continuously updated with new data derived from aerial imagery. The company said that its artificial intelligence infrastructure in use for these new products makes the process cost-effective, allowing it to provide carriers actionable change alerts and attribute trends.
Here are more specific descriptions of the two products:
Change Detection alerts carriers when a sudden, significant change occurs. It also helps carriers analyze all their policies at once, prior to renewal, or receive change alerts throughout the policy life cycle as imagery is refreshed and processed. Change Detection can help detect roof replacements to increase customer retention, streamline renewal decisions, uncover future potential claims and avoid loss, collect premium for unreported changes, and allow for proactive outreach to favorable risks.
Property Chronicle lets carriers view a single address and discover detailed temporal trends, such as the speed of roof condition deterioration, which could allow an insurer to track the increasing likelihood of a potential claim. By understanding property shifts and trends over time, carriers can better allocate reinspection resources, track the effects of regional environmental conditions on properties and proactively reach out to policyholders when “risk creep” occurs.
Source: Cape Analytics