Digital Insurance Agenda

GEOX Property: Accurate 3D Property Attributes For Gaining Insurer’s Competitive Edge

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 6, 2020

Israeli company GeoX has a clear mission: to create the Global 3D AI geospatial database and make it available to mitigating risks and improving people’s lives.
Current public data is not reliable and accurate enough. GeoX exceeds this by producing its own data from fresh aerial imagery – an objective source of reality data. By doing so, GeoX takes their mission a step further than some other players in the market who offers only open sourced and public data.

With GeoXProperty SaaS platform covering a comprehensive database of properties in US and Europe, they provide access to a wide range of property attributes derived from aerial imagery to insurers and agencies – which is vital to insurance companies and agents for better business results.

What makes GeoX different

  1. Accurate & reliable
    Where competitors often only provide data from public records, GeoX produces their own data with aerial imagery.
  2. Rich 3D geospatial attributes
    By using 3D analysis, GeoX provides much more detailed and accurate data and building measurements. By analyzing 3 dimensional geospatial sources they produce unique attributes such as:  building volume, roof condition, distance to vegetation/trees, natcat history, ground elevation and many, many more unique attributes.
    This all together allows for more depth of risk evaluation and value assessment.
  3. Affordable
    GeoX’s cloud-based solution and patented technology allows them to be highly scalable, to automate AI production and to make the data affordable for mass usage.

How it works
GeoX partnerships provides the company full access to aerial imagery on many places around the world. The images are mainly captured from manned aircrafts with high definition sensors. This provides a high-quality image and at the same time wide coverage. The image is updated every year in average.

With its deep learning, Neural Network models (AI) GeoX software scans the images and identifies all objects on the ground, including objects on and around buildings such as water bodies, trees and vegetation, roads, etc.  In addition, computer vision algorithms turn these into 3D objects with a Z axis, thus, enriching the data with many more details. The result is a huge database of information about properties and their respective risks and characteristics. This data is made available to insurers to power their digital transformation journey, to streamline their processes and to improve their business performance.

Key benefits

  • Accurate Underwriting; avoiding under-insurance and reducing insurance losses, scoring risks for various perils (floods, windstorms, wildfires, etc.), assessing replacement costs and liability risks are scored accurately.
  • Streamlining insurance processes such as Underwriting, loss adjusting, actuary, site inspections and more to reduce site visit costs, resolve claims faster, assess portfolio risks (improving negotiation position with re-insurer), tuning Natcat models with granular data.
  • Growing revenues & enabling a digital experience; a digital-age customer experience, finding sales opportunities and increasing customer acquisition rates.

Why we selected GeoX for DIA Prime Time
The company produces it own data from recent aerial imagery – thus it is much more reliable from open data sources. GeoX 3D attributes are more accurate and provides much unique details about properties. Also, insurance agencies and brokers can now change the way they interact with customers by relying their recommendations and submissions on useful data.

Who is GeoX?
GeoX was founded April 2018 and has its headquarters based in Israel. GeoX is self funded, bootrstrapped, and has markets in USA, UK, Germany and Australia. GeoX has notable partners and customers, like MunichRE, FEMA, Skyline software, Bluesky international, Hexagon, Ofek aerial photography, Systematics, and many more.


https://geox-group.com/

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/information-platform-underwriting-costs-customer-acquisition/

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