Geospatial Insurance Consortium Teams Up with Arturo to Bring Member Insurers AI-Powered Analytics to Better Manage Risk
GIC's high-speed processing combined with Arturo's AI analysis redefines the speed at which insurers can make decisions and gain insights regarding their insured properties.
BOULDER, Colo. and CHICAGO, Sept. 16, 2019 /PRNewswire-PRWeb/ -- The Geospatial Insurance Consortium (GIC), an insurance industry consortium spearheaded by the National Insurance Crime Bureau (NICB) and powered by Vexcel Imaging's data program, together with Arturo, the AI-powered analytics platform for residential and commercial property characteristic data and predictive analysis, today announced their partnership. Together, the companies are bringing GIC member insurers access to advanced imagery, along with differentiated property data and analysis at an unprecedented speed. This helps insurers to make more informed decisions when underwriting, and improves situational awareness to expedite claims and improve fraud detection following major catastrophes.
Arturo grew out of more than three years of research by American Family Insurance on the application of AI and deep learning to satellite, aerial, drone, and ground-level imagery to accurately assess physical property characteristics for residential and commercial properties from the highest resolution and most current imagery. Arturo's dynamic AI-powered analytics generate detailed property information, often in under five seconds. By deriving this data from the GIC's high resolution imagery, insurers gain a deeper understanding of properties in real-time. This speeds up and simplifies how they do business and generates insights in seconds that would take hours if performed manually.
"Access to quality data is integral to how insurers quantify risk," said John-Isaac Clark, CEO of Arturo. "Our technology's sophisticated findings, based on AI and machine learning, derived from the GIC's high resolution imagery, provides insurers with a deeper understanding of properties in near real-time."
With nationwide coverage of the United States, the GIC's aerial imaging capabilities boost the existing Arturo imagery database. In the event of a natural catastrophe, the GIC deploys a fleet of aircraft after it's safe to fly and within 24 hours of the aircraft touching down imagery is uploaded—a much quicker turnaround compared to other aerial imaging providers currently in the market.
"The GIC's mission is to provide the most comprehensive, precise, and up-to-date geospatial information to insurers. By giving our members access to the most advanced analytics on the market today, in combination with our imagery, we are doing just that," said Rob Agee, Vice President of Business Development, Geospatial Insurance Consortium. "Arturo has demonstrated its ability to provide robust, accurate information for insurers quickly and effectively. We are confident that the Arturo platform will be a true value-add for our members, and look forward to a long-term, collaborative relationship."
The companies will exhibit at InsureTech Connect on Sept. 23 - 25 at the MGM Grand in Las Vegas. Visit the GIC at booth 533 and Arturo at booth 500 for a live demo and to learn more.
About Geospatial Insurance Consortium
The Geospatial Insurance Consortium's mission is to provide the most comprehensive, precise, and up-to-date geospatial information to insurers. This insurance industry consortium delivers geospatial imagery and analytics, leading to more informed underwriting, better claims decisions, reducing fraud and delivering faster catastrophe response. To learn more visit geointel.org.
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 5 seconds. To learn more about Arturo, Inc., visit: http://www.arturo.ai or follow on Twitter @arturo_ai.
SOURCE Geospatial Insurance Consortium
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