Today Cape
Analytics, the leading provider of geospatial property intelligence,
is announcing the inclusion of pool detection in its slate of machine
detected property features for insurance carriers. Pools represent a
significant liability hazard for insurers but are often under-reported
by homeowners. Insurers and reinsurers can now rely on Cape Analytics’
intelligence as a source of truth for pool presence, using it to
determine eligibility and rate at time-of-quote, or for more accurate
pricing at renewal.
The presence of a pool often results in insurance carriers taking some
form of action. Today, many insurers add a premium surcharge when a pool
is present, due to increased liability exposure. Carriers may also work
with homeowners to ensure adequate safety measures are in place to
protect residents, via additional fencing and gates. With automated pool
detection, insurers can use Cape Analytics’ hazard solution to identify
unreported pools, better understand overall property risk, and take
action accordingly, across an entire portfolio.
“We look forward to leveraging Cape’s automated pool detection. Better
hazard information will allow us to provide our insureds with the right
level of coverage based on their specific needs while asking the
homeowner fewer time-consuming questions,” said Michael Hixon, Assistant
Vice President, Underwriting and Rating, Western Mutual Insurance Group.
“After a handful of Cape Analytics customers asked about our ability to
use computer vision for pool detection, we realized it was a broad need
across the industry for which we could provide a solution,” said Jyotsna
Jha, Product Manager at Cape Analytics. “Pools represent a classic issue
in insurance: large informational gaps that, until now, could only be
solved with a full external inspection. With aerial imagery and computer
vision, we can provide insurers with up-to-date and accurate information
instantly.”
The new feature allows Cape Analytics to identify the presence of
in-ground and above ground pools. To date, Cape has detected over 7.5
million pools across the continental U.S. Nearly three million pools are
in Florida and California alone — where more than one out of every six
homes has a pool. Having an accurate understanding of pool presence is
critical, especially for insurers who cover states with a high density
of pools, such as in Florida, California, Texas, Arizona, and New York.
About Cape Analytics
Cape Analytics uses AI and geospatial imagery to provide instant
property intelligence for buildings across the United States. Cape
Analytics enables insurers and other property stakeholders to access
valuable property attributes at time of underwriting—with the accuracy
and detail that traditionally required an on-site inspection, but with
the speed and coverage of property record pre-fill. Founded in 2014,
Cape Analytics is backed by leading venture firms and innovative
insurers and is comprised of computer vision and risk analysis experts.
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