Home insurance platform Kin Insurance will leverage Cape Analytics’ geospatial property intelligence to improve policies for consumers, as part of a new agreement.
The deal will see Kin implement the Cape Analytics technology to back up its homeowner insurance offering so it can give customers better coverage at the lowest price. In leveraging the technology for remote risk assessment, Kin will be able to write policies and serve customers digitally.
Cape Analytics leverages geospatial imagery, computer vision and machine learning to provide timely and accurate property information. By integrating this with Kin, the insurance company can give insurance policies that meet specific needs of customers. Kin would get access to information such as roof condition, roof type, tree coverage and presence of a swimming pool.
Kin vice president of Ppoduct Blake Konrardy said, “Our platform is built from the ground up to seamlessly integrate industry-leading sources of data, which is exactly what Cape Analytics provides. As a result, we can leverage our machine learning prediction framework to instantly assess risk and customize coverage and prices through our super simple online experience.”
Cape Analytics recently completed a study on Hurricane Irma and found that in Florida, homes with roofs in poor or severe condition were far more vulnerable and had a 45% higher chance of suffering higher damage. Additionally, 65% of homes affected by the hurricane took more than six months to repair.
Cape Analytics VP of sales Busy Cummings said, “We are thrilled to have a growing partnership with an innovative, data-first carrier like Kin where we can enable them to expand usage in alignment with their rapid growth as an upstart insurer.”
Copyright © 2020 FinTech Global
