GeoX, an Israeli startup that produces countrywide databases of buildings, has announced a new facet of its property intelligence service, providing online information on all commercial and residential properties in the US. The AI-enabled, P&C platform covers 160 million properties in the US, and contains up to 6 billion data points. The platform is an extension to the GeoX worldwide database covering 340 million properties.
Launching in Q4 2021, the platform contains a pre-process national property intelligence database and web service portal, through which insurance professionals can find up-to-date, 3D property attributes to accurately and rapidly determine insurance premiums. It includes comprehensive aerial imagery and proprietary property data.
The product addresses the industry-wide challenge of outdated, incomplete, and unreliable data upon which insurers still depend for critical P&C decisions. GeoX fills this knowledge gap by elevating simple data to rich, insightful, and complete sources for insurers to assess risk more accurately and estimate rebuilding value.
Almost 1 million homes along the Gulf Coast are predicted to have been damaged by the recent Hurricane Ida. The subsequent underwriting process would benefit greatly from the insights GeoX provides to hundreds of organizations around the world.
Izik Lavy, Co-founder and Chief Executive Officer at GeoX, says: “The insurance industry needs to better predict a property’s propensity to disaster.”
“A more proactive approach to risk management, highlighting opportunities for preventative measures, is required to better align products to customer needs; and GeoX provides 3D property intelligence and insights that enable this.”
With insurance customers in the US, Australia, EU and Asia, GeoX delivers patent-protected, automated modeling of aerial images that enables the richest attributes to be at the disposal of underwriters. “The resulting instant response of the platform to any property data request leads to a smoother, faster, and more effective end customer experience,” says Lavy, “with no limits imposed upon scale, infrastructure, and impact.”
Lavy looks forward to a future free of traditional hold-ups in the insurance industry. “Our machine vision and deep learning technology open a new generation of accuracy and richness of built environment data, leaps and bounds ahead of the usual property assessment methods,” he says.