Insurer Increased Underwriting Quality and Efficiency by Utilizing Cape Analytics’ AI-Based Property Intelligence
Home inspections are a significant underwriting expense for insurance companies in terms of the dollars, time and resources required. To help address this issue, CSAA Insurance Group, a AAA Insurer, leveraged advanced AI technology from Cape Analytics to more quickly and inexpensively assess the condition of member homes.
With a database of more than 70 million residential buildings in the U.S., Cape Analytics provides timely and accurate property information by leveraging geospatial imagery, computer vision, and deep learning. Cape Analytics’ algorithms can identify a range of impactful property attributes and loss-predictive signals. For example, Roof Condition Rating detects issues such as missing shingles, the use of tarps, or discoloration – all of which can be verified with targeted, in-person inspections, if need be.
Cape Analytics’ technology has helped CSAA Insurance Group to more accurately quote home insurance policies, resulting in improved underwriting decisions, risk selection and customer experience. Specifically, the company used Cape’s property intelligence to help members proactively repair damaged roofs, provide more accurate policy pricing at both renewal and new business, and reduce unnecessary inspections of high-quality roofs.
“We are proud to call CSAA Insurance Group a true strategic partner. Together, Cape Analytics and CSAA Insurance Group have explored new ways to combine AI, rigorous data science, and geospatial imagery in order to deliver a better experience to AAA members, as well as more accurate pricing and faster underwriting decisions,” said Ryan Kottenstette, CEO at Cape Analytics. “We look forward to continuing our work together as we implement cutting edge solutions and grow as partners.”
“Being able to properly price and underwrite a home’s roof enables us to make consistent and objective underwriting decisions in our day-to-day business and help best insure and serve AAA members,” said Brian Gaab, managing principal of core innovation at CSAA Insurance Group. “We look forward to continuing our partnership with Cape Analytics, and leveraging their technology to continually improve our business processes and member experience.”
Cape Analytics’ roof scoring methodology has helped CSAA Insurance Group more accurately evaluate risk, mitigate future losses, and detect potential fraud. For existing business, insurers can utilize this technology to ensure accurate pricing at renewal, identify catastrophe exposures, and reduce their reliance on outdated sources of data. In quoting new business, insurers can improve the customer experience by providing a more objective underwriting decision because they can assess true roof condition in a timely manner.
About Cape Analytics
Cape Analytics uses AI and geospatial imagery to provide instant property intelligence for buildings across the United States. Cape Analytics enables insurers and other property stakeholders to access valuable property attributes at time of underwriting—with the accuracy and detail that traditionally required an on-site inspection, but with the speed and coverage of property record pre-fill. Founded in 2014, Cape Analytics is backed by leading venture firms and innovative insurers and is comprised of computer vision and risk analysis experts.
About CSAA Insurance Group
CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia. Founded in 1914, the company has been rated “A” or better by A.M. Best for more than 90 years, and is one of the top personal lines property casualty insurance groups in the United States, according to the National Association of Insurance Commissioners. The company has been repeatedly named one of the 50 most community-minded companies in America by Points of Light.
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