Earthquakes have been a frequent occurrence in the country of Japan. The reason? It's the geographical location of Japan, which is along the ¡®Pacific Ring of Fire¡¯ that has a 40,000 km long chain of at least 450 volcanoes.
And naturally, frequent earthquakes make Japanese buildings prone to a high risk of damage to both property and lives.
That's exactly why an Israeli startup named GeoX has come up with its AI technology that analyzes 3D aerial images and would assess millions of Japanese buildings to determine damages.
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GeoX¡¯s partnership with Sompo, the second largest insurance company in Japan, was announced last week on 16th February 2022, as per TheJerusalemPost.
Through the collaboration, GeoX will provide its patented technology based on AI (Artificial intelligence) to analyze 3D aerial images of Japanese buildings and automatically assess their real estate assets and insurance risks.
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Founded in 2018, GeoX provides a wide array of relevant data such as the size of a building's roof, the type of roof, its slope, condition etc., which can be key contributors to the property insurance sector.
The technology is designed to assist customers in making the underwriting process more?efficient for damage to property caused by natural disasters like earthquakes.
Due to climate change and subsequent causes of damage like flooding, hurricanes, heatwaves etc, the GeoX technology is in high demand, as it can prevent severe damage to properties.?
According to startup GeoX, the amount of such natural disasters has increased five fold in the past four decades, totalling an economic cost estimated to be $3.64 trillion.
Such incidents are costly for insurance companies, which in the year 2020 alone, had to pay out $100 bn due to climate change-related damages. This is a 40% rise from the average payout in the past century.
Besides this latest collaboration with Sompo, the startup GeoX¡¯s services are reportedly being used by companies and institutions including the World Bank, Munich Re and the US FEMA (Federal emergency management agency).
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As per GeoX co-founder and CEO, ¡°Our technology saves Sompo the need to send surveys to each house during the underwriting process at high cost and even to provide an accurate price assessment automatically to customers, who ultimately benefit from fast service with an accurate cost estimate. Not only that, but we also allow the supervision of assets that are already insured and the possibility of examining if there has been a decline in maintenance of the building, which would mean a risk in risk¡±.
The insurance company Sompo¡¯s digital lab head Yinon Dolev said ¡±We believe that with GeoX¡¯s tech, we can make the underwriting and risk assessment process, which we conduct for those insured, much more accurate.¡±
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