State Auto Insurance Selects CAPE to Deliver AI-Powered Intelligence For Small Commercial Property Underwriting
CAPE’s API and web application allow State Auto to improve small commercial property underwriting workflows and risk selection
Today, CAPE Analytics is announcing State Automobile Mutual Insurance Company (State Auto), a leading digital provider of property and casualty insurance, is expanding its relationship with CAPE, to bring geospatial property intelligence to its small commercial property underwriting team. State Auto will use CAPE commercial property data, tailored to derive information that is predictive of loss in a commercial setting, in order to improve risk selection and underwriting speed.
CAPE is providing State Auto with the most comprehensive, timely, and accurate small commercial property information available, by leveraging geospatial imagery and machine learning to extract information about the built environment. CAPE’s commercial property underwriting solution offers a set of foundational property facts, such as exact location, that can help State Auto underwriters examine the right property remotely, while confidently tying in-house and 3rd party data together for each submission. CAPE’s instantly available information then provides a holistic view of small commercial property condition, including roof and lot condition, allowing State Auto to identify condition issues upfront, optimize manual reviews, and better target inspections.
“CAPE Analytics’ geospatial property information has been instrumental in catapulting our Homeowners’ product to be best-in-class. As CAPE expands their portfolio into Commercial Lines, we’re pleased to expand the partnership into our Small Commercial product.” said Melanie Watkins, VP Product Management. “We believe this will improve our Small Commercial property underwriting results while continuing to provide State Auto’s innovative straight-through processing and ease of doing business for our agency partners.”
“We are thrilled to expand our relationship with State Auto and believe it is a testament to the excellent partnership between our joint teams and the value of CAPE’s property intelligence solution across both residential and small commercial properties. We look forward to continuing our support of State Auto’s mission to provide the best possible digital experience to its agents, brokers, and customers,” said Busy Cummings, Chief Revenue Officer at CAPE Analytics.
With CAPE, State Auto can now instantly access contextualized intelligence for new business small commercial property submissions while monitoring its portfolio over time. CAPE supports carriers’ current workflows and helps to enable any commercial data journey. Whether it be guiding and simplifying manual processes via the CAPE web application, or working towards a fully automated solution at scale, CAPE’s highly impactful, property intelligence data unlocks precise action and immediate intelligence with market-leading accuracy and speed.
For more information, visit www.capeanalytics.com
About CAPE Analytics
CAPE Analytics provides instant property intelligence for buildings across the United States. CAPE Analytics enables residential and commercial property stakeholders to access valuable property attributes instantly, with the accuracy and detail that typically requires an on-site inspection, but with the speed and coverage of traditional property record data. Founded in 2014, CAPE Analytics is backed by leading venture firms and insurers, and is comprised of computer vision, data science, data infrastructure, and property risk experts.
About State Auto
State Automobile Mutual Insurance Company, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies in 33 states.
State Automobile Mutual is part of the State Auto Group, which is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Financial Corporation, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information can be found online at www.StateAuto.com.
About State Auto Labs
State Auto Labs brings together investment and insurance expertise to grow innovations that are reinventing the insurance industry. In collaboration with Rev1 Ventures, State Auto Labs connects startups with capital, technologists and insurance industry experts. Their objective is to identify, become early adopters of and invest in transformative technologies and solutions. The $25 million State Auto Labs Fund invests in the most promising of these solutions across sensors and wearable technologies, machine learning and artificial intelligence, emerging insurance distribution channels, and technologies that improve the operational efficiencies of insurance carriers. For more information visit www.StateAutoLabs.com.