Since 2018, Arturo has built a reputation of being the leading AI property analytics company that is changing the game for Property & Casualty insurance companies. How have we become leaders in this space? “We want to be the best at what we can be better than anyone else at.” This mantra is our guiding principle, shaping our past and our view towards the future.
Arturo’s technology enables Insurance Carriers to improve the accuracy and speed of decision-making across claims, underwriting, pricing, and renewals. We do this by accessing a wide breadth of claims and policy data to continuously enhance the quality of our predictive models and proprietary Confidence Scores. We deliver on-demand property data utilizing multi-source imagery via a configurable API, enabling better risk assessment.
In this article, I share a bit more about my professional background and my journey to becoming CEO of Arturo, and discuss how Arturo is leading the charge in shaping the future of the P&C Insurance Industry.
The Road to Arturo
For as long as I can remember, location-based information derived from images utilizing Artificial Intelligence has always fascinated me. As a high-tech entrepreneur, I believe there is a huge opportunity to apply this same technology to use cases across Insurance and adjacent verticals like mortgage lending and real estate. I previously worked with many startups in my career, including T-Sciences, which was acquired by Hexagon Geospatial. Through that business, I had the opportunity to work with Google in 2007 shortly after they acquired a company called Keyhole, which became the product we all know as Google Earth.
In 2018, I was recruited by American Family Insurance to spin out the technology that serves as the foundation of Arturo. When I saw how American Family Insurance had built technology that employed AI to extract information about properties from satellite images, aerial images, and ground-level images, I was very excited about how this could transform the way in which industries that insure, lend, invest, or manage properties make decisions and conduct their business.
Our technology applies that same process, extracting property information from multi-source imagery, and empowers our clients to accurately quote, assess underwriting risk, and automate claims.
The Arturo Difference
Unlike anyone else in the space today, we have strategic partnerships with multiple imagery providers – including emerging providers – like stratospheric balloon imaging companies. This means our clients can leverage the most complete and up-to-date coverage possible in a matter of seconds. Our clients access Arturo’s data via configurable APIs, tailored to their business operations and use cases. Our ability to process data “on-demand” provides the latest information about a property in seconds and our ability to do “large-scale analysis” delivers information at city, state, or country scale within hours.
Fundamentally, we are driving substantial value for our customers in a few discrete areas—though when employed in combination, these returns can become exponential.
Arturo’s proprietary insights continue to improve via three key investment areas:
- Feedback Loops to continuously enhance our machine learning models
- Access to an extensive history of claims and inspection data
- Our rigorous focus on new analytics from multi-source imagery
The many use cases we support are different, and include finding all properties that have poor conditions (for risk identification) or those that have excellent conditions (for marketing), identifying pockets of hidden risk within a portfolio (for portfolio risk management) to diversify the risk through reinsurance, analyzing every property post-catastrophe within a large area to pre-determine the amount of damage or loss and quickly aid the homeowner (for claims management and automation), creating a more efficient pricing model (for pricing/rating), and analyzing each property that has a policy that is up for renewal to make sure a property that has a major issue or risk isn’t automatically reinsured without remediation (for renewals).
The Future of Arturo
At Arturo, we believe a company’s vision isn’t a strategy, a goal, or a product. A vision is the impact our organization has on the world. Our vision is to create a greater understanding of physical spaces in order to benefit and enrich the lives of those who own, occupy, or use them. The ability to transform the way companies that insure, lend, invest, or manage properties make decisions and conduct business is what excites me most about the future of the company. Our clients are incredibly excited about the real returns generated through the use of our innovation.
Arturo’s process and technology reflects our pursuit of “client-centric innovation.” We are fortunate to get continuous feedback from our amazing customers and have an incredibly talented team to build a product that pushes the boundaries of what’s possible across Property Analytics.
We constantly seek to address questions related to the conditions and risks associated with physical properties. By answering these questions we enable insurance companies to better price insurance, respond to claims faster, and ultimately mitigate risk, which improves the lives of policyholders. While this is how we are accomplishing our vision today, we plan to extend this approach to other property related verticals, including commercial properties and lending, to achieve similar value creation.
We strive to transform the way businesses understand physical properties by applying AI and machine learning. While today we remain laser focused on P&C insurance, continuing to learn from our customers, we believe this will enable us to create even greater value for them, and those in other industries, tomorrow.
If 2020 taught us anything, it was the reminder that the world is a constantly changing place. As we consistently innovate to meet the evolving needs of our clients, we’re honored to have partnerships and support from those who understand our vision, recognize the opportunity, and believe in our future.
If you’re interested in learning more about how Arturo is pushing the boundaries of what’s possible across the insurance industry, get in touch with us today.