The United States’ oldest property insurer, founded by Benjamin Franklin in 1752, continues a spirit of innovation in partnership with AI company Cape Analytics
Cape Analytics, the leading provider of geospatial property information, is partnering with The Philadelphia Contributionship (TPC), a 268-year-old insurer, to bring the next generation of automated property data to TPC agents. TPC has integrated Cape Analytics’ solution into its agent and underwriting portals in order to help identify potential underwriting issues at the point of quote and streamline policy decision making.
Cape Analytics provides instant, actionable property information by analyzing high-resolution aerial imagery with cutting-edge computer vision algorithms. Today, TPC is using Cape Analytics information to inform decisions within its policy binding and issuance process. Cape Analytics will report property features such as Roof Condition Rating, roof covering material, pool presence, and trampoline presence at the time of quote. These characteristics can streamline the application process for low-risk policies while flagging others for further underwriting review.
“Obtaining new insights into roof quality and roof characteristics helps us qualify risks with confidence, and will lead to risk differentiation in ways previously unavailable. Cape Analytics’ AI tools give us the ability to identify risk drivers such as pools, trampolines and solar panels early on in the quoting process which provides efficiencies that will pay benefits for years to come,” said Brian Junod, Director of Underwriting & Products at The Philadelphia Contributionship. “Ultimately, better pricing and quicker decisions make us a better partner for our agents. We are excited to start this partnership with Cape Analytics as they follow their product roadmap and help us leverage their tools well into the future.”
“Cape Analytics is proud to support The Philadelphia Contributionship, a storied and historic property carrier, and to help them usher in the next frontier of insurance innovation,” said Busy Cummings, VP of Sales at Cape Analytics. “We look forward to growing our relationship with TPC as we continue to expand our property intelligence capabilities.”
Cape Analytics is the only geospatial solution available that offers comprehensive and accurate intelligence at time of quote, with the speed and breadth necessary to fundamentally improve underwriting processes across the policy lifecycle. Cape Analytics’ innovative method for assessing properties allows for more accurate pricing, a streamlined customer experience, and proactive risk mitigation via automated change detection of property characteristics over time.
Cape Analytics covers 110 million buildings across the United States and can provide actionable, risk-relevant property information to customers for nearly any property in the country in two seconds. This information includes new loss-predictive data points such as Roof Condition Rating, roof geometry, roof tree overhang, and parcel vegetation coverage, which are actuarially proven to dramatically impact a property’s risk profile.
About Cape Analytics
Cape Analytics was established in 2014 to revolutionize the way property information is created and used. The company leverages geospatial imagery, computer vision, and machine learning to instantly and automatically extract proprietary property data for insurance carriers and other property stakeholders. Cape Analytics establishes a new category of property data, offering immediacy and coverage comparable to pre-filled data, but with accuracy and detail that previously required time-consuming in-person inspection reports. Cape Analytics seamlessly integrates into carrier quote engines via API.
About The Philadelphia Contributionship
In 1752, Benjamin Franklin and his colleagues founded The Philadelphia Contributionship to provide fire insurance protection to the urban community. For more than 250 years, we have continued to provide insurance protection that puts people first. Through our uniquely personal service, strong partnerships and an unmatched history of financial stability, we are proud to provide protection for homes in Pennsylvania, Delaware, New Jersey, Maryland and Virginia. For more information about TPC or get an online quote, please visit the company website at www.1752.com.