Cape Analytics Available Nationwide
Now, insurers can access data on over 70M buildings across the country in milliseconds, allowing them to instantly pre-fill property information at the time of quote, choose better risks, price policies more accurately, and reduce post-binding adjustments and cancellations. For example, Cape Analytics can tell property insurers that 8% of roofs in the US are in poor condition and should be considered for replacement. Today, carriers can only identify poor-quality roofs through costly and time-consuming in-person inspections. Further, data from Cape Analytics will accelerate the home insurance application process for consumers, powering accurate online quotes with fewer time-consuming questions.
“Since founding Cape Analytics three years ago, nationwide scale has been a key objective . This is not only a major milestone for us as a company, but for the insurers and reinsurers who, until now, have had to rely on outdated tax records or costly in-person inspections to collect the data they need to underwrite their policies. This could not have been possible without our world-class data science and computer vision teams, who have developed a deep technical stack in order to build this first-of-its-kind solution for our customers” – CEO and cofounder of Cape Analytics, Ryan Kottenstette.
“Cape Analytics provides us with unique, deep, and accurate property insights at both the individual address and portfolio level that improve our ability to better underwrite our client portfolios. This, in turn, allows us to better serve our customers while being compatible with our current workflow. Given XL Catlin’s drive to innovate and enhance our analytical capabilities, we’re thrilled to continue working with Cape Analytics as they expand their presence nationwide” – Chief Executive of Reinsurance at XL Catlin, Charles Cooper.
The company was established in 2014 and has since raised $14M in venture funding from Montage Ventures and XL Innovate; to name two investors.