GEOX, an Israeli start-up companies that provides geospatial data to insurers, announced a strategic collaboration with global analytics and digital solutions company EXL, to deliver an integrated image analytics offering to insurance carriers. The joint solution will aim to better assist carriers in achieving improved underwriting assessment, smart roof condition assessment, more precise property renewal assessment, and better claims processing support.
GEOX provides property intelligence to aid insurance and real estate enterprises to assess risk accurately. This is achieved by leveraging patented AI technology in a unique way that uses aerial imagery to extract rich and timely 3D property data at scale, with no requirements for an IT infrastructure. EXL will integrate its actuarial and data science expertise over the GEOX platform.
"Data, analytics, and AI capabilities are integral for success in the P&C insurance vertical," said Vivek Jetley, EVP and Head of Analytics at EXL. "When accompanied by image analytics, geospatial data can enable better risk management, fraud prevention, and significant cost reduction for carriers. This leads to improved efficiency, lower loss ratios, reduced expenses, and seamless claims processing."
"Together, we aim to develop an enhanced image analytics solution that will help insurers better predict propensity for disasters. This will help fuel digital transformation within the insurance industry whilst strengthening business performance," said Izik Lavy, GEOX CEO.
GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way.