Today, CAPE Analytics, the leader in AI-powered geospatial property intelligence, is pleased to announce major momentum into 2022 with strong strategic customer validation, the launch of several new products and capabilities, as well as prominent industry recognition.
The company pairs cutting-edge machine learning with human expertise to analyze property data and geospatial imagery to provide key information to decision-makers in insurance, real estate, and other industries. This technology allows CAPE to instantly assess and understand property condition, valuation, and vulnerability to natural disasters brought on by climate change, including wind, wildfire, and hail.
Disastrous weather events such as hurricanes, floods, wildfires and tornadoes continue to be exacerbated by climate change and cost billions of dollars in damage every year. In 2021 alone, 1 in 10 homes in the U.S. was impacted by natural disasters — equating to over 14.5 million residents and a staggering $57 billion worth of property damage.
In response to this, CAPE launched several new product lines in 2021 - 2022 to help mitigate risk and reduce property damage and insurance losses, including:
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CAPE is able to quantify the property-specific risks posed by key wildfire hazards and recommend the most effective mitigation strategies through a combination of artificial intelligence, geospatial imagery, and a massive loss database of fire policies and claims.
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CAPE's hail intelligence platform leverages standalone property characteristics that are predictive of hail claim frequency and severity. The platform provides the industry's first property-specific hail vulnerability rating, as well as underwriting and pricing options in hail-prone areas.
AI-powered real estate intelligence (AIRE)
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CAPE's AIRE platform combines computer vision, aerial imagery, and proprietary data sources to extract information about properties, focusing on characteristics that influence their value and marketability.
In 2021, CAPE grew its client base to over 70 enterprise customers, including some of the largest insurance carriers and financial institutions in the world and now covers over 110 million built structures across the U.S. and Canada.
In 2022, CAPE established itself as a trusted, reputable source for alternative data in the real estate and property insurance spaces. In addition to being trusted by more than 60 carriers, CAPE reached an insurance pricing milestone for geospatial property attributes with its inclusion in over 30 approved rate filings with state Departments of Insurance across the US.
“Natural disaster related property damage is at an all time high and our goal at CAPE has always been to become the most important source of insights about the built environment,” said Ryan Kottenstette, co-founder and CEO of CAPE Analytics. “I'm beyond proud of the strides we've made over the past year so we can continue to be a single source of truth for our partners, and ultimately, help mitigate property risk being brought on by climate change.”
In addition to CAPE's recent new offerings, the company announced several new partnerships, most recently with The Hartford, to support the insurer's underwriting speed and efficiency in its commercial business and with UPC, a casualty insurance provider, to support its burgeoning platform as they strategically navigate the challenging Florida market and other key states.
Among CAPE's slew of partnerships and new offerings, CAPE won several major industry awards, including the AI Breakthrough Awards for 'Best Object Recognition Solution,' CB Insight's Most Promising Insurtech Startups of 2022, HousingWire's Tech100 Real Estate Company, and was recently voted San Francisco Business Times' No. 1 Best Place to Work in the Bay Area among companies with 50-99 employees.
As CAPE continues to scale its operations, the company is expecting to increase its employee headcount significantly over the next year.
For more information about CAPE, visit 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.
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