GeoX, a leader in supplying geospatial data to insurers, has today announced a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology.
In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways they had not previously considered. By combining GeoX's ground-breaking technology with Sompo's significant expertise and established global distribution networks, this partnership will fuel digital transformation within the insurance industry while enhancing customer experience.
GeoX has the know-how and technology to provide reliable, high-quality intelligence for residential and commercial properties across the USA. Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies. Since the completion of proof-of-concept, Sompo Japan has reached an agreement with GeoX to establish an insurance underwriting scheme utilizing this know-how.
"In recent years, large-scale natural disasters have become more frequent and severe and the risk factors in disasters have become more diverse and complex," said Izik Lavy, Co-Founder and CEO at GeoX. "We look forward to working closely with Sompo Japan, as this partnership will analyze risk in the current landscape using a variety of external data and cutting-edge digital technologies. If knowledge is power in the insurance industry, AI is the key to that knowledge and with GeoX insights, it is more accessible than ever before."
"Sompo Japan has been a global leader in the application of modelling and data to casualty insurance with a strong commitment to the specialty markets," said Yinnon Dolev, head of Sompo Digital Lab Israel & Europe at Sompo Holdings. "At this time of significant change across the business landscape, we must develop innovative responses to emerging and evolving risks. We look forward to this partnership, as it will drive positive change within the sector promoting the development of advanced insurance underwriting using geospatial data."
GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements. For more information, visit https://geox-group.com.