GeoX, which supplies geospatial data to insurers, has partnered with P&C insurer Sompo Holdings to develop AI-based automated underwriting platforms.
GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur.
The company said that in recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways they had not previously considered.
By combining GeoX’s technology with Sompo’s expertise and established global distribution networks, this partnership will fuel digital transformation within the insurance industry while enhancing customer experience, GeoX said.
Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilising external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilising this know-how.
Izik Lavy, co-founder and CEO at GeoX, said, “In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex.
“We look forward to working closely with Sompo Japan, as this partnership will analyse risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before.”
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