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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

GEOX Announces Collaboration with EXL to Provide Insurance Carriers with an Integrated Solution for Image Analytics

October 5, 2021 GMT

NEW YORK, Oct. 5, 2021 /PRNewswire/ -- GEOX, a leader in supplying geospatial data to insurers, has today announced a strategic collaboration with EXL, a global analytics and digital solutions company, to deliver an integrated image analytics offering to insurance carriers. The joint solution aims to better assist carriers in achieving improved underwriting assessment, smart roof condition assessment, more precise property renewal assessment, and better claims processing support.

“Data, analytics, and AI capabilities are integral for success in the P&C insurance vertical,” said Vivek Jetley, EVP and Head of Analytics at EXL. “When accompanied by image analytics, geospatial data can enable better risk management, fraud prevention, and significant cost reduction for carriers. This leads to improved efficiency, lower loss ratios, reduced expenses, and seamless claims processing,”

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GEOX provides property intelligence to aid insurance and real estate enterprises to assess risk accurately. This is achieved by leveraging patented AI technology in a unique way that uses aerial imagery to extract rich and timely 3D property data at scale, with no requirements for an IT infrastructure. EXL will integrate its actuarial and data science expertise over the GEOX platform.

“Together, we aim to develop an enhanced image analytics solution that will help insurers better predict propensity for disasters. This will help fuel digital transformation within the insurance industry whilst strengthening business performance,” said Izik Lavy, GEOX CEO. “We look forward to working closely with EXL to drive meaningful results for our mutual customers and make sure they can more accurately assess risk, especially in the current landscape where natural catastrophes arrive more often due to global warming.”

About GEOX

GEOX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements. For more information, visit https://geox-group.com.

About EXL

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EXL is a global analytics and digital solutions company that partners with clients to improve business outcomes and unlock growth. Bringing together deep domain expertise with robust data, powerful analytics, cloud, and AI, we create agile, scalable solutions and execute complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. Focused on driving faster decision-making and transforming operating models, EXL was founded on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our team is over 33,000 strong, with more than 50 offices spanning six continents. To learn more, visit www.exlservice.com.

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SOURCE GeoX