CAPE Analytics, American National to Support Risk Assessment

CAPE Analytics, which claims to be the leader in AI-powered geospatial property intelligence, announced its integration with insurance carrier American National in order to enhance its risk management and underwriting processes “by leveraging CAPE property insights.”

Working with CAPE geospatial property insights will “allow American National to gain a more accurate view of risk throughout the policy lifecycle, improve underwriting efficiency, and detect risk-relevant changes at renewal.”

To start, American National will “apply property attributes—such as CAPE’s gold standard Roof Condition Rating—along with other underwriting data, to policy renewals in order to improve profitability, mitigate property conditions that increase risk, and create additional workflow efficiencies.”

Scott Moore, VP of Sales at CAPE Analytics, said:

“We’re thrilled to announce this integration with American National, which provided their team with instant and accurate intelligence for properties across the United States. By leveraging CAPE’s property insights, American National will be able to better assess risk and understand portfolio evolution, which ultimately provides their insureds with appropriate protection and unparalleled service.”

Stephanie Grobin, Senior Vice President, P&C Chief Underwriting Officer, at American National, said:

“At American National, we constantly look for ways to improve the service we provide our customers. Our collaboration with CAPE Analytics gives us access to cutting-edge technology and property insights that will help us better understand and mitigate risk for our customers.”

In the future, American National will “utilize CAPE’s insights in new business underwriting workflows to assist in optimizing inspection processes and better assessing new business risks.”

As noted in another update by CAPE, homes come in all different kinds.

The firm added that we’re all familiar “with the common suburban tract home and the oddball house, some of which have become part of the cultural zeitgeist in recent years.”

Each type of home “comes with its own connotations and lists of pros and cons.” When it comes to the task of valuing a home, however, substantial valuation errors “can be made when overlooking how a home fits into its neighborhood.”

Only looking at a property’s condition, features, and location fails “to provide the full picture of its value, valuation, or rent yield.”

What is lacking in current strategies that use comparable properties “to determine prices is the idea of typicality–the degree of similarity that a property has to its neighbors.”

CAPE Typicality Rating fills this gap “in available property intelligence by providing a quantifiable metric that allows for a more precise understanding of a given property.”

For more details, check here.

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