Flood Data From Arturo and ICEYE; Weather Intelligence From Verisk; Home Valuations from CAPE Analytics


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Arturo and ICEYE Offer Near Real-Time Flood, Property Damage Insights

Property analytics firm Arturo and sensor data provider ICEYE hope to change what’s possible with insurance response to flood events. ICEYE’s near real-time flood imagery that provides flood depth, extent and duration data will be combined with Arturo’s portfolio and property characteristics data to give insurers the ability to estimate and triage flood damage immediately following a flood event.

ICEYE combines the data from its spaceborne sensors with multiple auxiliary information sources on the ground to quickly produce a precise representation of a flood’s extent and depth anywhere in the world. When this intelligence is added to Arturo’s AI-enabled property analytics, insurers can determine the extent of property damage in near real-time.

“When a flood rushes in, an insurer’s response can make or break a policyholder’s experience and the insurer’s bottom line, so fast and accurate claims management is critical,” said Neil Pearson, chief strategy officer of Arturo. “This collaboration enables insurers to see down to the property level what type of flood damage a home will have, and get the policyholder the financial assistance they need to quickly repair their home.”

The Arturo – ICEYE combined solution was tested during a March 2022 flood event in Australia and the firms said it showed the predicted flood damages were accurate with claims activity in the area.

“The ability for insurers to rely on this solution to predict flood damage and immediately process claims will go a long way for customer loyalty,” said Pearson.

“By providing increasingly rapid access to near real-time hazard data, the entire insurance value chain can benefit, even down to the individual customer experience,” said Rafal Modrzewski, CEO and co-founder of ICEYE.

ICEYE and Arturo’s collaboration will initially cover flood depth insights for the United States, Canada, Japan and Australia.

Verisk Analytics Platform Expands Weather Intelligence with Mapping

Verisk says its newly enhanced web-based weather analytics data platform lets insurers, first responders and supply chain logistics operators analyze the impact of severe weather more effectively.

The mapping and analytics platform, Respond MAP, enables users to combine valuable weather data with locations of interest, such as policies-in-force, to quickly evaluate the impact of significant weather events. The product provides insights for perils such as hail, wind, wildfire, tornado and hurricane.

Respond MAP is included as part of the Respond weather data package.

With near real-time updates as frequent as every five minutes, Respond MAP can help improve the overall performance of businesses dependent on understanding the impact of severe weather. Respond MAP also offers users the ability to view both pre-catastrophe and post-catastrophe imagery, as well as damage estimation analytics for major weather events such as hurricanes, significant tornadoes and wildfires.

CAPE Analytics Platform Improves Accuracy of Home Valuations and Desktop Appraisals

Property data firm CAPE Analytics has launched an AI-powered real estate intelligence platform, AIRE, which promises to fill critical gaps found in traditional data sources.

Amid contemporary lapses and inaccuracies found in traditional data sources — automated valuation models (AVMs), standard exterior broker price opinions (BPOs), and property condition report (PCRs) — 70% of property issues identified by AIRE are missed by existing human-driven solutions, according to the firm. As a result, real estate decision-makers have consistently been left disadvantaged during underwriting, loan and real estate trades, and mitigation of risk, among other processes.

CAPE’s AIRE platform combines computer vision, aerial imagery, granular geospatial data, and proprietary data sources to extract highly accurate, critical information about properties and their surroundings, focusing on characteristics that influence property value and marketability.

AIRE offers automatically generated reports for properties nationwide that disclose objective and current exterior property condition metrics, automated detection of property changes that can affect property value, nearby location factors such as distance to highways and bodies of water, and even the type of view visible from each property— all of which are features CAPE Analytics says are missed by existing data sets and even human-led exterior inspections.

“With AIRE, we’re enabling our clients to access objective, structured data for property and location characteristics, condition metrics, and marketability that have a demonstrated impact on value,” said Raj Dosaj, head of Real Estate for CAPE Analytics.

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