Cape Analytics is announcing the expansion of its market-leading property intelligence solution to commercial habitational properties. The expansion builds on Cape Analytics’ database of 70 million single-family homes in the U.S., to include multi-family homes, condos, and HOAs.
Currently, most sources of property information are bespoke and do not offer the depth or accuracy of data required by an insurance carrier to underwrite commercial risks. Rather than a consistent, trusted database, insurers are forced to deal with fragmented, time consuming, and resource-intensive solutions like in-person inspections or out-of-date tax records. To solve this issue, Cape Analytics is introducing the world’s first reliable data stream of instant and accurate commercial property information.
In the last year, Cape Analytics has worked with regional, super regional, and national insurers to bring them the most comprehensive and timely property data available. The solution has dramatically improved insurers’ bottom line: using Cape Analytics’ data, one customer saw a 5X return on investment, while another carrier reduced their inspection spend by over 50 percent. Now, Cape Analytics is rolling out its commercial data stream, initially in pilots with select existing customers, followed by wider availability later in 2019.
Cape Analytics’ automated data stream is derived by applying cutting-edge computer vision and deep learning algorithms to geospatial imagery and includes loss-predictive property attributes such as Roof Condition Rating. For the first time, insurers who underwrite commercial habitational properties have access to contextualized intelligence, where they can instantly view information related to their portfolio, as well as comparative property data at the local and national level.
“Many of our existing customers also underwrite residential commercial lines, and have pulled us forward by requesting a commercial solution,” said Cape Analytics CEO Ryan Kottenstette. “By expanding our coverage type, we continue to strengthen our overall intelligence platform and build our company with a customer and solution-driven development ethos.”
Cape Analytics’ commercial data stream is the only solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to fundamentally improve carriers’ underwriting process. This innovative data stream is possible due to Cape Analytics’ global team of computer vision and data science PhDs, paired with leading industry expertise related to property risk.
Source: Company Press Release