LexisNexis Risk Solutions and Arturo Team up to Deliver the Next Generation of Advanced Analytics-Powered Roof Solutions for U.S. Home Insurers
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.
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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.”
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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.”