CAPE Analytics, a provider of AI-powered geospatial property intelligence, has partnered with weather technology company Canopy Weather, to launch a product for storm-related damage.
Founded in 2014, CAPE Analytics aims to help residential and commercial property stakeholders access valuable property attributed instantly, by providing property intelligence across the US and Canada.
Canopy Weather applies an application-first approach to deliver weather data products with specific, real-world business applications. The company said by asking the right questions and factoring in essential, overlooked variables, its technology triangulates on valuable new insights into the most pressing questions in your business.
The partnership between CAPE Analytics and Canopy began in 2021. In the last year, the companies have combined weather risk and property vulnerability analytics with observed weather severity and property condition to launch the Hail Roof Damage Rating product.
Powered by machine learning, the rating indicated the likelihood of post-storm damage to roofs after severe weather and can predict the subset of claims eligible for automated, straight-through processing with over 96% accuracy.
According to CAPE Analytics, the insurance industry receives over 500,000 claims for home damage due to hail each year. Heavy claim volumes and a lack of adjusters lead to long wait times for insureds. The Hail Roof Damage Rating identifies high probability claims that can be fast-tracked, within hours of a storm, benefiting policyholders and reducing loss adjustment expenses through automation.
Matt Van Every, CEO of Canopy Weather, said, “With over a decade of experience focused on the industry’s hail claims problems, we’re excited to combine our forensic-grade hail analytics with CAPE’s AI-powered property analytics.
“Combining these two disparate core competencies – one company focused on weather damage, the other company focused on visible property vulnerabilities – is finally making weather data actionable.”
Canopy recently partnered with Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies.
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