Cape Analytics, a provider of property data for insurers and reinsurers, has launched its data coverage for the entirety of the continental US.
Now, insurers can access data on over 70 million buildings across the country in milliseconds, allowing them to instantly pre-fill property information at the time of quote, choose better risks, price policies more accurately, and reduce post-binding adjustments and cancellations.
Further, data from Cape Analytics will accelerate the home insurance application process for consumers, powering accurate online quotes with fewer time-consuming questions.
Today, trillions of dollars are tied to real estate assets, but property-related financial decisions are often based on inaccurate or out-of-date information. Cape Analytics uses computer vision and machine learning to turn current geospatial imagery into structured data for any property.
This data ranges from nearby hazards to building footprints to roof condition. With Cape Analytics, insurers, reinsurers, and other customers can access 500 million such data points for addresses nationwide, instantly, across entire property portfolios.
The breadth of Cape Analytics’ data allows insurers and other property stakeholders to survey vast portfolios with unprecedented scale and speed. For example, Cape Analytics can tell property insurers that eight percent of roofs in the United States are in poor condition and should be considered for replacement. Today, carriers can only identify poor-quality roofs through costly and time-consuming in-person inspections.
Cape Analytics CEO and co-founder Ryan Kottenstette said: “Since founding Cape Analytics three years ago, nationwide scale has been a key objective. This is not only a major milestone for us as a company, but for the insurers and reinsurers who, until now, have had to rely on outdated tax records or costly in-person inspections to collect the data they need to underwrite their policies.
“This could not have been possible without our world-class data science and computer vision teams, who have developed a deep technical stack in order to build this first-of-its-kind solution for our customers.”
XL Catlin Reinsurance CEO Charles Cooper said: “Cape Analytics provides us with unique, deep, and accurate property insights at both the individual address and portfolio level that improve our ability to better underwrite our client portfolios. This, in turn, allows us to better serve our customers while being compatible with our current workflow.
“Given XL Catlin’s drive to innovate and enhance our analytical capabilities, we’re thrilled to continue working with Cape Analytics as they expand their presence nationwide.”
In less than 12 months, Cape Analytics has expanded its coverage from Florida alone, to thirteen states across the southeastern seaboard, and now to nearly every single-family home in the country.
In addition, the company has expanded the breadth of its data to encompass critical insurer-specific features including roof characteristics such as geometry, covering material, condition, and extensions; building characteristics such as solar panels, and pool enclosures; and parcel characteristics, such as trees which may present a liability.
Source: Company Press Release