Arturo to Provide Risk Selection Insights to Enable Vave to Price Insurance Policies with Greater Accuracy
CHICAGO (December 14, 2021) – Arturo, an AI-powered platform that derives property insights and predictive analytics from aerial and satellite imagery, today announced a multi-year deal with Vave, an algorithmic underwriting managing general agent (MGA), to deliver property insurance intelligence that enables robust decision-making to understand and select the right risks in real-time. Through this strategic partnership, Arturo will serve as an additional source of intelligence, augmenting Vave’s rating algorithms with its own unique values. This will provide Vave with an inside track on risks that exist within a given property, enabling them to price insurance policies accordingly and ultimately build a more profitable portfolio.
Vave, owned by Lloyd’s of London underwriter Canopius, offers the U.S. insurance industry a suite of white-labeled API services that deliver real-time bindable quotes for specialty insurance brokers and distributors. Utilizing complex data sets and advanced analytics, it can create a comprehensive view of exposure, ensuring that small, important details that can impact risk do not get lost.
Arturo, a deep learning spin-out from American Family Insurance, delivers highly accurate physical property characteristic data and predictive analysis for residential and commercial properties. The sophisticated technology gleans structured data from aerial, satellite and stratospheric imagery, offering valuable property information to help manage, diversify and respond to risk for clients in the insurance sector and beyond.
“When we began searching for a partner several years ago, we scored multiple providers against each other for completeness and accuracy of hits from their API and data, and Arturo came out as a clear winner,” said Marek Shafer, Managing Director at Vave. “One thing that differentiates Arturo’s API is its ability to articulate confidence levels in property characteristic identification, which is a critical factor in determining and augmenting our approach to risk.”
“We’re constantly looking to find ways to provide efficiencies and make better decisions; data and analytics are one part of that equation, but the added intelligence is what is really needed across the insurance industry. With Vave offering its own unique approach to creating efficiencies in the underwriting process, we’re particularly glad that our technology will continue to play a critical role in their solution,” said John-Isaac “jC” Clark, CEO of Arturo. “As we continue to enhance our technology in the pursuit of delivering premium analytics, we are able to provide results that are increasingly complete, accurate and confident, delivering added value to Vave and other stakeholders across the industry.”
Arturo, a deep learning spin-out from American Family Insurance, is relentlessly committed to delivering highly accurate physical property characteristic data and predictive analysis for residential and commercial properties for use in the property and casualty (P&C) insurance, reinsurance, lending and securities markets.
Leveraging the latest satellite, aerial and ground-level imagery, as well as unique proprietary data sources, Arturo’s deep learning models provide differentiated property data unparalleled by any other provider – often in seconds. Discover more at www.arturo.ai or connect with Arturo on Twitter.
Vave is a leading algorithmic underwriting MGA with a fresh approach to insuring high-volume risk. Devised and developed by Canopius in 2019, Vave relaunched as an MGA in June 2021, by which point it had quoted over 1.2 million risks, representing $2.2 billion of premium. Vave is forecast to exceed a $100 million premium by the end of 2021, and as a digital platform with diverse capital, Vave is positioned for rapid and sustained growth. Vave also has a proprietary, dynamic algorithm-driven approach to portfolio management, which adapts and optimizes according to investor risk aversion. https://www.canopius.com/insurance/vave/