Today, CAPE Analytics, the leader in AI-powered geospatial property intelligence, is pleased to announce the addition of UPC, a property and casualty insurance provider specializing in coastal states across the US, as a client.
As the Florida insurance market continues to evolve, UPC plans to further implement new technology, data, and analytics to support its business. CAPE will enable UPC to leverage predictive property data to continually assess risk on a per-property basis. In implementing CAPE's geospatial analytics across its underwriting workflows, UPC has achieved stability and sustainability amid challenging market conditions such as supply chain-induced inflation.
“As we have begun to refine our portfolio with an emphasis on identifying and retaining risks that align with our business philosophy, CAPE's proprietary data has unlocked the potential for us to better navigate and assess such risks,” said Chris Griffith, UPC's Chief Operating Officer and Chief Information Officer. “CAPE has proved instrumental in allowing us to provide the best coverage for our insureds.”
CAPE Analytics combines geospatial imagery and the latest AI and machine learning technologies to provide insights into more than 110 million properties across the United States and Canada. As a result of using up-to-date, accurate property data that can be instantly obtained, the company allows insurance carriers to streamline underwriting processes, mitigate and evaluate risk and better price policies, among other capabilities.
Today, UPC uses CAPE's property vulnerability and attribute data, including valuable insights such as CAPE's proprietary Roof Condition Rating, roof shape, solar panel and pool presence, yard debris, tree coverage and more. This powerful alternative to traditional property data sets allows UPC to accelerate underwriting and better mitigate risk.
“UPC can instantly access predictive insights for millions of properties across the coastal Southeast,” said Scott Moore, VP of Sales at CAPE Analytics. “Given the current volatility in the Florida insurance market and the unpredictable nature of weather events, CAPE property intelligence can help UPC select, assess, and price policies accurately and efficiently.”
As disastrous weather events such as hurricanes continue to be exacerbated by climate change, coastal properties are increasingly at risk for climate change-related damages. Such events, in addition to market-specific dynamics, have created a challenging environment for insurers looking to underwrite and assess coastal properties. CAPE's predictive property data allows carriers to better understand vulnerability to weather and attritional loss in order to streamline policy quoting, underwriting, renewal and pricing.
For more information, visit www.upcinsurance.com and www.capeanalytics.com
About CAPE Analytics
CAPE Analytics provides instant property intelligence for buildings across the United States and Canada. CAPE Analytics enables residential and commercial property stakeholders to access valuable property attributes instantly, with the accuracy and detail that typically requires an on-site inspection, but with unparalleled immediacy and global scale. Founded in 2014, CAPE Analytics is backed by leading venture capital firms and insurers and is comprised of machine learning, data infrastructure, and property risk experts.
About UPC
United Property & Casualty Insurance Company, Inc. is a property and casualty insurance company with headquarters in Florida. It writes commercial, residential, homeowners', and flood insurance policies in several coastal states, including Florida, Louisiana, New York, and Texas. To learn more, visit www.upcinsurance.com
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