Insurity, a front-running supplier of cloud-based software and analytics designed for insurance carriers, brokers, and MGAs, has announced its alliance with GeoX, a global leader in property intelligence.
Together, these companies aim to furnish P&C insurance organisations with geospatial property data and first floor elevation data, enabling the more accurate classification and evaluation of risk.
The partnership brings the power of GeoX’s proprietary artificial intelligence and patented technology into the hands of Insurity customers, automating the extraction of 3D objects from aerial imagery to enhance the precision of risk models. In an era where advanced imagery-based data and analytics make risk-pricing more efficient, the adoption of this technology is a vital step to remain competitive in the market.
Insurity’s customers will now have access to data on both residential and commercial properties. This simplifies the validation process for property characteristics, negating the need for field visits. The integration of deep learning technology can predict properties at risk of natural disasters, allowing insurers to reduce risk through actionable adjustments. Furthermore, the technology promises increased efficiency for underwriters and agents at the point-of-sale and a smoother renewals process.
Under the limited-time offer, Insurity and GeoX introduce a volume-based pricing model. This removes the barrier of minimum commitment or hefty contractual obligations that have previously obstructed smaller and medium-sized carriers from utilising geospatial data.
Yuval Mey Raz, Chief Business Development Officer at GeoX, expressed his excitement about the partnership, stating, “GeoX is thrilled to announce our new partnership with Insurity, a collaboration that serves as a beacon of hope for carriers facing the challenges increasing losses posed by changing climate conditions. Through our expertise in aerial imagery and AI models, combined with Insurity’s network and sector understanding, we will empower insurance stakeholders to overcome the challenges they face.”
Likewise, Kirstin Marr, Chief Analytics Officer at Insurity, reinforced the importance of this collaboration. She stated, “Through this partnership with GeoX, Insurity seeks to provide our customers with a powerful tool to navigate the complexities of a changing risk landscape. With our combined expertise and solutions, we will offer accurate and unique property data, enabling carriers to create more precise risk models, adjust pricing effectively, and streamline their underwriting process.”
Insurity is currently offering its customers discounted prices for GeoX services. For more details about this offer and the partnership, contact Elizabeth Hutchinson at Elizabeth.Hutchinson@insurity.com.
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