Today, CAPE Analytics, a leader in AI-powered geospatial property intelligence, is pleased to announce its partnership with Google Cloud to develop predictive analytics that enhance risk management for insurance carriers and property valuation solutions for the real estate and mortgage industries. Accurate property information is essential now as part of the pricing of risk in the Cat market. Whilst storms, hurricanes or fires may well be similar events to those that have already occurred in developed nations, what is changing is the asset value of the property in the path of weather events.
So detailed mapping is something every insurer or broker needs to access, or they may get the renewal price wrong.
Through the collaboration, CAPE will leverage Google Cloud’s secure cloud infrastructure and its machine learning technology to develop and serve innovative property analytics at scale. Together, CAPE and Google Cloud can deliver an objective and instantly available source of property information that supports a more accurate understanding of risk and value, and ultimately allows insurance carriers to better protect their customers.
COSTS OF CLAIMS ARE RISING
In 2022 alone, there were 18 weather events with losses exceeding $1 billion each. To safeguard homes and businesses, insurers need access to accurate and timely property insights that help them predict risk. Using its own proprietary AI and analytics built on best-in-class data, CAPE will be able to provide risk-predictive insights into roof condition, building materials, construction, and vegetation on a property, in addition to weather-focused risk scores for wildfire, hail, and wind.
“We see cloud as a key enabler for innovation at pace and scale across the insurance value chain,” said Zac Maufe, managing director, Global Financial Services Solutions, Google Cloud. “Bringing the CAPE Analytics platform to Google Cloud helps insurers to unlock unprecedented insights and improve risk mitigation by accessing CAPE’s property analytics data and capabilities on a more secure and sustainable cloud infrastructure, and by utilizing leading cloud AI and ML capabilities.”
“Our partnership with Google Cloud gives us an advanced, secure, and sustainable platform on which to build innovative property insights for the insurance industry,” said Ryan Kottenstette, CEO and Founder of CAPE Analytics. “By combining CAPE’s leading machine learning and computer vision capabilities with Google Cloud’s industry-leading cloud platform, we can empower property insurers and their customers with high-quality information about current property vulnerability, and help them identify more effective methods for reducing those vulnerabilities.”
For more information about the partnership, visit www.capeanalytics.com.
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