Encova Insurance Expands Partnership With CAPE Analytics For More Accurate Core Property Characteristics
Signs on for use of Primary Property Elements powered by a next-generation fusion of imagery-based analysis and other data sources
Palo Alto, California – August 6th, 2024 – CAPE Analytics, the leader in AI-powered property insights for insurance risk, is pleased to announce the expansion of its partnership with Encova Insurance. As part of this expansion, Encova plans to utilize the CAPE Primary Property Elements product to support policyholders in maintaining adequate coverage levels through the entire lifecycle of a policy.
CAPE Primary Property Elements fuses and analyzes multiple sources of data—from geospatial imagery to public records to novel sources—using machine learning, to automatically derive more accurate core property characteristics. From living area, to quality grade, to number of stories, these characteristics are foundational components of determining appropriate coverages and replacement costs.
Encova, in partnership with CAPE, envisions using this advanced technology to help derive more accurate replacement cost assessments. Utilizing CAPE’s multimodal technology will provide Encova with accurate property insights that help avoid underinsurance and allow agents to focus on what they do best: providing the best possible service to policyholders.
“Encova has been an excellent partner for years, and we are thrilled to be expanding our work together,” said Busy Cummings, Chief Revenue Officer at CAPE Analytics. “Being agent-focused enables Encova to respond quickly to market changes and policyholder needs and Encova has partnered with CAPE Analytics to use cutting-edge technology in impactful ways.”
To learn more about Primary Property Elements, visit www.capeanalytics.com/primary-property-elements/
About CAPE Analytics: CAPE Analytics provides AI-powered, geospatial property intelligence for buildings across the United States, Canada, and Australia. CAPE enables residential and commercial property stakeholders, including insurance carriers and financial institutions, to access valuable and predictive property insights and risk scores instantly. CAPE property intelligence offers the accuracy and detail that typically require an on-site inspection but with unparalleled immediacy and coverage. Founded in 2014, CAPE Analytics is backed by leading venture capital firms and insurers and is led by machine learning, data infrastructure, and property risk experts.
For more information, visit www.capeanalytics.com.
About Encova Insurance: Encova Insurance provides commercial, auto and home insurance.
A super-regional carrier ranked in the top 25 mutual insurance companies in the United States, Encova is rated A (excellent) by AM Best, the leading provider of insurer ratings. Encova includes more than 1,100 associates writing in 27 states and Washington, D.C., premiums in excess of $1.2 billion, a surplus in excess of $2.1 billion and assets in excess of $5.1 billion. The group markets insurance solutions through more than 2,000 independent agencies in the Midwest, Northeast and South.