Cape Analytics Introduces First Property Change Detection Solution Powered by AI and Geospatial Imagery

https://capeanalytics.com/wp-content/themes/capeanalytics/images/logo-new.png

Cape Analytics’ Change Detection and Property Chronicle empower insurers to analyze their portfolio and manage ‘risk creep’ between inspections

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — September 23, 2019 — Today, Cape Analytics, the leading provider of AI-powered property intelligence, is launching the insurance industry’s first geospatial portfolio monitoring solution. Cape Analytics’ Portfolio Monitoring is comprised of two initial offerings: Change Detection, which alerts carriers when Cape’s AI identifies a change to a property that affects a policy’s risk profile, and Property Chronicle, a visual representation of property attribute history over time. Together, Change Detection and Property Chronicle will change how insurers detect and proactively respond to shifts in property risk over time and across their book of business.

Today, many in-force policies are only reinspected every five to seven years. Between these reinspections, however, weather events, baseline environmental exposure, deferred maintenance, and even property improvements may materially affect the risk profile of a property. Given that a high cadence of physical inspections across an entire portfolio would be prohibitively expensive, many carriers are flying blind and have no way to affordably and efficiently discover property changes between renewal periods. With today’s launch, Cape Analytics is the first company to offer a geospatial portfolio monitoring solution that is continuously updated with new data derived from aerial imagery. Now, using its powerful AI infrastructure that enables cost-effective scale, Cape Analytics can provide carriers with actionable change alerts and attribute trends.

“In the ever-changing dynamics of the property insurance business, with risks exposed to weather and regular maintenance, it is critical to have a solution that alerts carriers to condition issues in a meaningful and timely way," said Mike Koscielny, Director of Underwriting at Florida Peninsula Insurance Company. "Cape Analytics' solution gives us the ability to address issues with the policyholder to make necessary repairs, helping avoid loss and allowing the insured to remain safe and secure in their homes."

While carriers today may not discover a property change for years, Cape Change Detection alerts carriers when a sudden, significant change occurs. For example, Cape customers will be able to see if a roof deteriorated rapidly from good to poor condition, if a pool or solar panels are installed, or if the homeowner recently replaced their roof. With Cape Change Detection, carriers can analyze all their policies at once, prior to renewal, or receive change alerts throughout the policy lifecycle 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 allows carriers to 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.

“The ability to monitor an in-force portfolio and understand when properties change has been a major missing component within the policy service workflow,” said Busy Cummings, VP of Sales at Cape Analytics. “Every carrier knows they have exposure to risk creep but, historically, the only remedy has been to inspect every half-decade, on average. With Cape Portfolio Monitoring, insurers can see true property condition for every risk, prior to renewal, and price accordingly to capture premium or retain customers.”

To learn more, visit www.capeanalytics.com

About Cape Analytics

Cape Analytics uses AI and geospatial imagery to provide instant property intelligence for buildings across the United States. Cape Analytics enables insurers and other property stakeholders to access valuable property attributes at time of underwriting—with the accuracy and detail that traditionally required an on-site inspection, but with the speed and coverage of property record pre-fill. Founded in 2014, Cape Analytics is backed by leading venture firms and innovative insurers and is comprised of computer vision and risk analysis experts.



Contact:

Kayvan Farzaneh
Marketing, Cape Analytics
Email Contact




Review Article Be the first to review this article


Featured Video
Jobs
Geographical Information Systems (GIS) Technician for Seacoast Utility Authority at Palm Beach Gardens, Florida
Geographic Info Specialist II for Texas Department of Transportation at Austin, Texas
(GIS) Analyst III - Aviation Division for Texas Department of Transportation at Austin, Texas
Geographic Information Systems Technician for County of San Diego at San Diego, California
Project Coordinator (Utility Coordination Team) for City of Austin at Austin, Texas
Construction Management for Huitt-Zollars, Inc at Fort Worth, Texas
Upcoming Events
Future of Mining Americas 2019 at Aldgate Tower, 2 Leman Street 2 Leman Street London United Kingdom - Oct 21 - 22, 2019
URISA GIS Leadership Academy at Phoenix AZ - Oct 21 - 25, 2019
SGEM Florence 2019 at Palazzo Borghese, Via Ghibellina 110, 50122 Florence, Italy Florence Italy - Oct 22 - 25, 2019
University of Denver GIS Masters Degree Online
UAV Expo2019 -Register   & save



Internet Business Systems © 2019 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise