GeoX is Growing Fast, As Demand For Risk Mapping Increases

GeoX has announced double digit growth against a backdrop of tougher economic conditions as the year progressed.

2022 saw the company serve over 120 new clients worldwide, and work with 5 new partners. GeoX has expanded its offering in the US$843.6bn US Property & Casualty market and also entered UK and Japanese markets. To support this rapid increase in new business, the company increased its headcount by 74%.

Insured losses from natural catastrophes have increased 250% in the last 30 years, largely because the value of the assets and the cost of rebuilding physical infrastructure has seen huge cost inflation, plus extra compliance and regulation as regards rebuilding commercial and domestic property to locally set standards. With climate change becoming an integral part of future regulatory compliance, plus insurer/pension fund investment decisions, mapping potential climate or weather related risks makes sense – could make more money for insurers too.

GeoX’s accurate, objective, and visualised property data can be used to improve growth and efficiency for insurance brands. Powered by artificial intelligence and 3D aerial imagery, the company provides rich and real-time data to companies like Munich Re and Apple. Tracking events in real time offers insurers the chance to prioritise and limit the damage to particularly vital assets, like power stations, water or food supply, internet comms etc. all of which can make the recovery and claims operation more effective.

HOW DOES IT WORK?

GeoX’s market-leading, patented technology uses machine vision and deep learning to automate fast and accurate extraction of 3D property data at scale. This year they added new smart attributes to their US database including wildfire risk according to vegetation zones and additional complexity to their roof type model. API property data request response times have fallen below 1 second, allowing fast integration into insurers’ workflows.

Izik Lavy, CEO and Co-Founder of GeoX said, ‘2022 saw high demand from insurers seeking to assess risk more accurately and prevent disaster damage before it occurs. Only a few years ago we were a 3 man company, and this year we welcomed 17 new team members. We’re looking forward to helping more insurers to reduce costs and streamline underwriting in 2023.’

About alastair walker 10567 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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