Arturo, an innovative property intelligence firm that facilitates strategic underwriting, risk assessment, and claim insights across entire portfolios, today unveiled a major global expansion.
It is extending its industry-leading catastrophe response capabilities to the crucial US insurance market.
The need for the new product stems from the escalating severity and frequency of extreme weather events induced by climate change. Over the past decade, such disasters have averaged a cost of $888 per household in Australia. In the fiscal year 2021-2022, this figure shot up to $1,532, and it is projected to increase to $2,500 by 2050. As such, there is an urgent need for a solution that can provide proactive and timely response to these events.
Arturo is a trailblazer in merging disparate data to extract meaningful property insights. In recent years, the company has made significant contributions to the Australian InsurTech sector, amidst the rise in extreme weather events attributed to climate change. Through strategic collaborations with regional companies like ICEYE, Vexcel Imaging, and the Early Warning Network (EWN), Arturo employs advanced AI to devise a solution to manage these events effectively at all stages: pre, during, and post-disaster.
Arturo’s newly launched product is an AI-powered model that consolidates historical, current, and predicted insights and environmental impacts for expedited and accurate claim management. This proactive approach, a departure from traditional reactive tactics, enables carriers to warn policyholders ahead of potential impact, recommend mitigation actions, and assess the event in real-time. Consequently, this ensures the safe and strategic deployment of adjusters.
In addition to its core function, Arturo’s product cements the company’s position as the top portfolio intelligence provider in the insurance lifecycle. When combined with the claims solution unveiled at PLRB, it unites events and their property impact to create true insights for carriers exactly when they need them. This holistic method enables Arturo to work with insurers every step of the way, significantly reducing costs, improving policyholder response, and forecasting impact across portfolios.
Arturo CEO Greg Oslan said, “Australia is a bellwether for the U.S. insurance industry. The climate, often burdened by natural disasters and extreme weather, combined with the country’s regulatory landscape, creates a unique set of challenges for insurance carriers. These obstacles have prompted them to adopt technology more rapidly, pushing the technology to innovate and constantly redefine the industry’s future and the norm for policyholder experiences. Arturo has been a key part of that process and understands how to translate this success to the U.S. market.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
