CAPE Details Strong Growth and Momentum Powering Landmark Year
CAPE has shown significant growth with several new partnerships, products, and capabilities, in addition to a bevy of industry award wins
As we continue moving along in 2022, we’re excited to highlight the momentum we have built over the past year and how we’ll use it to assess and understand insurance, real estate, and climate risk this year and beyond.
Disastrous weather events such as hurricanes, floods, wildfires and tornadoes continue to be exacerbated by climate change and cost billions of dollars in damage every year. In 2021 alone, 1 in 10 homes in the U.S. was impacted by natural disasters — equating to over 14.5 million residents and a staggering $57 billion worth of property damage.
Our response has been simple, yet effective: equipping our experts with cutting-edge technologies to drive innovation that helps mitigate risk and reduce property damage.
We’ve demonstrated the ability to quantify property-specific risks posed by key wildfire hazards and recommend the most effective mitigation strategies through a combination of artificial intelligence, geospatial imagery, and a massive loss database of fire policies and claims.
Our Hail Intelligence leverages standalone property characteristics that are predictive of hail claim frequency and severity, providing the industry’s first property-specific hail vulnerability rating, as well as underwriting and pricing options in hail-prone areas.
By combining computer vision, aerial imagery and proprietary data sources, we’ve been able to extract information about properties, focusing on characteristics that influence value and marketability.
Our recent offerings have gone hand-in-hand with an increased client base, additional partnerships, and expanded coverage.
Since 2021, our client base has grown to over 70 enterprise customers, including some of the largest insurance carriers and financial institutions in the world, now covering over 110 million built structures across the U.S. and Canada.
Even more, we’ve reinforced our standing as a trusted, reputable source for alternative data in the real estate and property insurance spaces. In addition to being trusted by more than 60 carriers, CAPE reached an insurance pricing milestone for geospatial property attributes with its inclusion in over 30 approved rate filings with state Departments of Insurance across the United States.
We have also announced several new partnerships, most recently with The Hartford, to support the insurer’s underwriting speed and efficiency in its commercial business and with UPC, a casualty insurance provider, to support its burgeoning platform as they strategically navigate the challenging Florida market and other key states.
Finally, CAPE has won several major industry awards – a critical step in cementing the credibility and effectiveness of the innovations we have brought to market. These wins include AI Breakthrough Awards for ‘Best Object Recognition Solution,’ CB Insight’s Most Promising Insurtech Startups of 2022, HousingWire’s Tech100 Real Estate Company, and we were recently voted San Francisco Business Times’ No. 1 Best Place to Work in the Bay Area among companies with 50-99 employees.
In all, 2022 has truly been a landmark year for CAPE Analytics. We’re proud of the dedication and passion that is consistently seen on our team, but the hard work doesn’t stop here. As we continue to scale our operations and develop new offerings, we’re expecting to increase employee headcount significantly over the next year.
Read the press release here.