ATLANTA, Oct. 22, 2020 /PRNewswire/
-- LexisNexis® Risk Solutions, a leading provider of
data, advanced analytics and technology for the insurance industry,
and Arturo, an AI analytics provider of property insights and
predictive analytics, announced a new strategic relationship to
offer U.S. home and commercial property insurance carriers a more
accurate and cost-effective way to assess the condition of a roof
for policy underwriting. The relationship leverages the industry's
leading set of home and auto insurance claims and geospatially
analyzed weather event data from LexisNexis Risk Solutions matched
with Arturo's advanced machine learning models for aerial
imagery.
Aerial imagery allows the property insurance industry to gather
important insights at the time an image is captured, but imagery
alone does not necessarily capture the full scope of issues that
may impact the condition of the roof. However, having advanced
imagery analytics with weather, auto and property claims data can
complete the picture of ground-level impact of weather and roof
repair activity. Auto claims, which typically occur immediately
after a hailstorm, provide leading indicators of area roof damage
and combined with property claims can create a geospatial view of
roof damage that is not always captured in imagery. Combining
weather, auto and property claims, and machine learning analysis of
property imagery provides a complete understanding of the property
and its roof, enabling insurers to make more informed underwriting
decisions, preventing inadequate premium capture and unexpected
losses.
"Working with an innovative partner like Arturo is ideal based
on carrier feedback that the current methods of insurance
inspections are costly and may not provide the same level of
granularity," said George Hosfield,
senior director and general manager, Home Insurance at LexisNexis
Risk Solutions. "With the continued increases in roof-related
claims severity, our innovations will address a critical need in
the industry."
Arturo's imagery analytics will enhance the recently developed
LexisNexis® Rooftop solution, which will provide property insurance
carriers with a roof condition solution at point of new business
and prior to renewing existing policies. Combining aerial
imagery with claims data will deliver a more accurate view of the
roof condition, enabling carriers to make better decisions when
writing a new policy as well.
"We have a deep understanding of the current challenges insurers
face when it comes to predicting risk and pricing policies," said
John-Isaac Clark, CEO of Arturo. "By
combining the immense amount of data and expertise from LexisNexis
Risk Solutions with our industry-leading AI imagery analytics
capabilities, we can change the game for insurance carriers, and we
are looking forward to taking property insurance risk assessment to
the next level."
For more information regarding LexisNexis Risk Solutions and
home insurance, click here.
About LexisNexis Risk Solutions
LexisNexis Risk
Solutions harnesses the power of data and advanced analytics to
provide insights that help businesses and governmental entities
reduce risk and improve decisions to benefit people around the
globe. We provide data and technology solutions for a wide range of
industries including insurance, financial services, healthcare and
government. Headquartered in metro Atlanta, Georgia, we have offices throughout
the world and are part of RELX (LSE: REL/NYSE: RELX), a global
provider of information and analytics for professional and business
customers across industries. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
About Arturo
Arturo is a deep learning spin-out from
American Family Insurance relentlessly committed to delivering
highly accurate physical property characteristic data and
predictive analysis for residential and commercial properties for
use in the Property & Casualty (P&C) Insurance,
Reinsurance, Lending, and Securities markets. Leveraging the latest
satellite, aerial, and ground-level imagery, as well as unique
proprietary data sources, Arturo's deep learning models
provide differentiated property data unparalleled by any other
provider - often in as little as five seconds. To learn more
about Arturo, Inc., visit: www.arturo.ai or follow on
Twitter @arturo_ai.
Media Contacts:
Rocio
Rivera
LexisNexis Risk Solutions
Phone: +1.678.694.2338
rocio.rivera@lexisnexisrisk.com
Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com
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SOURCE LexisNexis Risk Solutions