Arturo has developed a technology that provides the capability to offer data observations and predictions for commercial and residential properties
Aerial uses satellite, aerial and drone imagery to provide accurate property information. (Credit: Insurance Australia Group Limited.)
Insurance Australia Group (IAG), through its Firemark Ventures fund has invested in Arturo, a Chicago, Illinois-based risk analytics firm that uses artificial intelligence (AI).
IAG stated that the investment in Arturo will help in developing new ways to measure risk for to create insurance products. The Australian insurer is also the first investor to have invested in Arturo, from outside of the US.
Arturo has developed a technology that provides the capability to offer data observations and predictions for commercial and residential properties.
To provide accurate property information, the company uses satellite, aerial and drone imagery.
IAG and Arturo aim to explore how to integrate aerial imagery, data and AI to help create a enhanced experience for customers.
Arturo’s AI-capabilities can support customers during major weather events
IAG Firemark Ventures Director Scott Gunther said the investment will enable the two companies to examine how Arturo’s AI powered analytics capabilities can help customers when they need it most – during a major weather event.
Gunther said: “We are pleased to be Arturo’s first investor outside the US and look forward to working with the team to bring their insights and capabilities to our Australian and New Zealand insurance operations.”
“Arturo technology has the potential to help reinvent how we support customers, by using accurate property data quickly so that we prioritise customers who need help most after an event like a bushfire or a flood.”
At the same time, IAG is exploring how Arturo’s property data could help in improving customer experience in getting a quote and home insurance.
Arturo CEO John-Isaac Clark said: “Delivering accurate property information without people on the ground is revolutionary and necessary in light of current global circumstances.”
“We will soon begin working with IAG to enhance how they analyse and evaluate property risk at the quote, pricing, underwriting, and renewal stages of the policy lifecycle, as well as identify which properties should be helped first and where to direct resources during natural disasters.”