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.
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.
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