Case Study
How Vave Weathered the Storm with Arturo's Roof Condition Model
In 2021, Vave, an algorithmic underwriting managing general agent (MGA), signed a multi-year deal with Arturo to enhance their point of quote solution for their book of business. They aimed to evaluate customer-provided information, cross reference for a second opinion, and augment calculations with those values. This way, they could reduce the risk of inaccurate data and enhance the quality of data.
Case Study
How Vave Weathered the Storm with Arturo's Roof Condition Model
In 2021, Vave, an algorithmic underwriting managing general agent (MGA), signed a multi-year deal with Arturo to enhance their point of quote solution for their book of business. They aimed to evaluate customer-provided information, cross reference for a second opinion, and augment calculations with those values. This way, they could reduce the risk of inaccurate data and enhance the quality of data.
How Vave Weathered the Storm with Arturo's Roof Condition Model
How Vave Weathered the Storm with Arturo's Roof Condition Model
About the Case Study
Together, Arturo and Vave were put to the test during Hurricane Ida, a Category 4 storm that slammed into the Louisiana coast. In the days leading up to landfall and in the immediate aftermath, Vave was able to compare exposed policies in force against the weather footprint and understand how Arturo’s estimations of risk compared to event actuals. Arturo’s point of quote evaluation of the condition of a property’s roof proved highly indicative of damage caused by Hurricane Ida.
Delivering the Bottom Line
1.46x
THE LOSS RATIO
for properties with “fair” or “poor” roof condition was 1.46 times that of properties with “good” roof condition.
10%
UPON ANALYZING CLAIMS FREQUENCY AND SEVERITY
roofs rated “fair” or “poor” were 10% more likely than roofs rated “good” to incur losses”
43%
LOSSES THAT DID OCCUR
in these locations were 43% more severe.
Arturo will play a big role in identifying and reducing fraudulent claims. The ability to identify pre-existing issues will save money on claims in the future.
Arturo Customer 4
Arturo allows us to identity customer safety issues. We can see what a home is made of and identify potential risks that the customers may be exposed to.
Arturo Customer 3
Previously, we'd spend half an hour searching for properties. This time is now spent on value adding activities.
Arturo Customer 2
Decide with intelligence. Decide with Arturo.
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