Concirrus, a leading insurtech that harnesses the power of AI, machine learning and data analytics to improve insurance, has announced the launch of its Quest Property solution in the US market, available for both residential and commercial properties. Quest Property uses AI to process satellite and aerial imagery quickly and accurately, determining loss severity within hours of data acquisition. By giving greater control to the insurer, Quest Property significantly reduces the time and resources that go into the claims process while mitigating additional claim loss due to risk of fraud, social inflation, additional damage and increased costs of labor and materials.
“The US market in particular has been besieged by natural disasters, creating a strain for insurance companies and already taxed claim departments,” said Andrew Yeoman, co-founder and CEO of Concirrus. “Increasing talent in these departments is costly and challenging and doesn’t directly address the need to make more informed decisions, faster. Quest Property is a purpose-built solution for property claims, designed to optimize the claims process and empower the team with better decision making and faster response times.”
In 2021, insured losses from global natural disasters totaled $130 billion, with 71% of that in the US alone (AON). The frequency of these events has left insurers vulnerable to rising costs and diminishing resources. Combining proprietary AI with deep learning, remote sensing and computer vision, Quest Property quickly produces post-catastrophe damage reports and analytics at the property level for primary insurers, third party administrators (TPAs), reinsurers and brokers. Quest Property’s cloud-based solution helps insurers lower the cost of claims handling and loss adjusting and reduce unnecessary costs, including inflated repair and supplier costs.
“AI has proven to be a gamechanger in the insurance market, not only saving money for insurers but dramatically increasing customer satisfaction,” said Ira Scharf, chief strategy officer at Concirrus. “By leveraging the power of AI and other sophisticated data tools, Quest Property can assess damage even before the property owner has started the First Notice of Loss (FNOL) process, enabling insurers to proactively contact policyholders and prioritize those most severely affected by a disaster.”
Quest Property enables all properties to be assessed at scale, using consistent metrics, enabling more effective capital deployment. The company’s SaaS-based system uses patent-pending machine learning and computer vision models for geospatial analytics and operates on multiple perils, including hurricanes, tornadoes, and wildfires, across multiple geographies. For more information, visit https://www.concirrus.ai/quest-property.