CHICAGO & LONDON--(BUSINESS WIRE)--Arturo, the artificial intelligence and deep-learning property analytics start-up, today announces it has entered into a partnership with UK-based global specialty (re)insurer Canopius AG ("Canopius"). Arturo's deep-learning property analysis capability will be integrated into Canopius, providing physical property characteristic and predictive analytics, enabling more informed and differentiated pricing decisions at the point of underwriting Marek Shafer, chief digital officer, Canopius, said: "Arturo's, AI-powered image analytics capability is hugely impressive. Canopius is excited to be harnessing this pioneering technology, which will help to fine-tune our risk selection process and improve point-of-sale underwriting." John-Isaac Clark, CEO at Arturo said: "Arturo was built from the ground up within American Family Insurance and we deeply understand the specific challenges our insurance customers are trying to solve. We are incredibly excited to announce our relationship with Canopius and looking forward to working together to further enhance our product to meet their current and future needs."
What began as an assignment to the research and development team at American Family Insurance Co. now stands alone as an independent company and today announced its first major customer. Arturu, a Chicago-based insurtech startup launched by American Family three years ago, said in a press release that it has penned a deal with Hippo Insurance to provide "real-time" analytics on property characteristics. "Hippo's partnership with Arturo has allowed us to pre-fill very valuable property data and information directly into the customer's application including roof material, pool presence, and more," stated Michael Gulla, senior director of underwriting at Hippo. "These insights streamline the client's onboarding process, while helping us define a highly accurate initial rating and top-quality underwriting requirements." Hippo, based in Mountain View, California, began working with Arturo from its very start as an insurance provider, and even before Arturo became a company.
In the 21st century the world still faces many geographical challenges including climate change, disease outbreaks, natural disasters and a growing scarcity of vital resources such as water, food and land. Overcoming these problems is dependent on our ability to chart these issues and analyse them spatially. This comes at a time when we're increasingly able to produce millions of data points from connected devices – the internet of things (IoT) – such as mobiles, drones, satellites, vehicles and social media, combined with more affordable, powerful cloud computing and machine-learning. Technologists realise the potential for smart mapping has never been greater. "If you think about it, there isn't an area that isn't touched by location, from responses to hurricanes and typhoons, wars, international health scares or utility outages," explains Stuart Bonthrone, managing director of Esri UK, a world leader in mapping and spatial analytics software.
CHICAGO & MADISON, Wis.--(BUSINESS WIRE)--Arturo, an artificial intelligence (AI) and deep-learning property analytics start-up, announced today the close of Seed Series Transaction, with lead investor and Arturo co-developer American Family Insurance. Following the close of the transaction, Madison-based American Family Insurance will remain a customer as well as an investor in Arturo. Arturo grew out of investment and more than three years of research by American Family Insurance on the application of artificial intelligence (AI) and deep learning to satellite, aerial, drone, and ground-level imagery to accurately assess physical property characteristics for residential and commercial properties. Arturo's AI-powered analytics generate detailed property information often in under five seconds. It enables a variety of businesses that insure, lend, invest, or manage residential or commercial properties to make more informed decisions and better manage risk with the most up to date information available.
The focus on innovation and ideation within large insurance carriers continues to yield new kinds of cooperation between companies. Arturo, a spin-out from American Family Insurance that provides geospatial data and analytics services, has been selected by Hippo, a home insurance insurtech to assist it in quoting and underwriting. Arturo's offerings will be used by Hippo to pre-fill certain home data in order to reduce friction and omissions during the sales process. It's part of a range of big data tools used by Hippo to smooth out the home insurance customer experience; the company also works with Verisk and Zillow. "The question was with common data elements like roof slope, things that can be difficult for customers to answer, can we prefill?" says Michael Gulla, senior director of underwriting for Hippo.