CHICAGO (April 1, 2022) — Arturo, the proptech company that delivers intelligent analytics from individual property to portfolio, today announced new artificial intelligence models have revealed the presence of cryptid activity in and around residential areas globally. These cryptids, including the American chupacabra, Canadian gumberoo, Australian dropbear, the French and the Japanese tsuchinoko, have been identified by rigorously trained deep learning models.
As loss ratios continue to increase, with S&P Global reporting the average industry loss ratio approaching a staggering 90% in the third quarter of 2021, carriers are looking to reduce their risk up front, either from better screening at point of quote or improved change detection at renewals.
“As we’ve continued to have close conversations with our clients, generally Tier 1 insurers globally, we’ve uncovered a major gap in industry awareness and action on cryptid risk,” said John-Isaac “jC” Clark, CEO at Arturo. “Our AI/ML team has been hard at work carefully training models and doing field research to ensure the most accurate identification of cryptids in each geography, and we’re seeing major results in decreased claims activity and increased net promoter scores with policyholders as a result.”
Notably, many of these cryptids have severe consequences on property. The French nain rouge, for example, is often spotted in advance of major catastrophic activity, so the identification of the omen as soon as possible can enable insurers to better prepare and capitalize for a loss event. They can also notify policyholders to take added precautions after a sighting.
Similarly, in Canada, the gumberoo is often spotted in association with fire risk. Maintaining a property’s defensible space can help to both mitigate gumberoo sightings and associated fire activity. Controlled burns can help draw gumberoo activity away from residential areas as well. And in Australia, the dropbear’s natural habitat in trees can increase tree fall-in risk as their weight after a feeding can exceed the limits of outlying branches.
In the U.S. and Japan, the presence of the chupacabra and tsuchinoko respectively may suggest an increase in liability insurance is needed given potential harm that could be incurred on the property.
Major carriers are concerned about the risk, given their potential for exacerbating already underinsured properties, and the identification presents an opportunity to partner closely with policyholders to mitigate this risk.
“Simple actions like burning sage or hiring a spiritual guide to cleanse the home can be immensely beneficial,” said Clark. “I employ similar tactics by always keeping salt shakers in my pockets to keep the lechuza at bay. My premiums have never been lower!”