GeoX has announced a new facet of its property intelligence service, providing online information on all commercial and residential properties in the US. The AI-enabled, P&C platform covers 160 million properties in the US, and contains up to 6 billion data points. The platform is an extension to the GeoX worldwide database covering 340 million properties.
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Scheduled to launch in the fourth quarter of 2021, the platform contains a pre-process national property intelligence database and web service portal, through which insurance professionals can find up-to-date, 3D property attributes to determine insurance premiums. It includes aerial imagery and proprietary property data.
Almost 1 million homes along the Gulf Coast are predicted to have been damaged by Hurricane Ida. The subsequent underwriting process would benefit greatly from the insights GeoX provides to hundreds of organizations around the world.
According to GeoX co-founder and CEO Izik Lavy, "The insurance industry needs to better predict a property's propensity to disaster."
"A more proactive approach to risk management, highlighting opportunities for preventative measures, is required to better align products to customer needs; and GeoX provides 3D property intelligence and insights that enable this," Lavy says.
