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Jul 26, 2023 581

Tensorflight and Socotra partner in property insurance space

#Insurance

Computer vision and property data company TensorFlight has partnered with cloud-based insurtech Socotra to innovate for the property insurance industry

The computer vision and property data firm TensorFlight has partnered with cloud-based insurance provider Socotra to enhance the latter’s platform. Socotra offers insurers a platform that enables them to manage products across an entire insurance lifecycle, from claims and underwriting to implementing different architectures. Per the deal, TensorFlight will join the Socotra App MarketPlace, a hub from which insurers can acquire specific solutions in minutes, accelerating time-to-market for insurers’ new products. With the addition of TensorFlight, insurers can now access solutions that provide property data insights, facilitating better insurance risk assessment and pricing – processes which Socotra provides the solutions for.

Leveraging big data through TensorFlight

In TensorFlight, Socotra has partnered with a company that gathers data from ground level, ariel, and satellite imagery surveillance. The tech firm also has access to data from public, contributory, and proprietary sources. A combination of surveillance tools supposedly gives TensorFlight adequate sources of data covering 99% of properties in developed nations. Leveraging AI, TensorFlight says it can automatically assess a range of property attributes and characteristics, enabling insurers to perform more accurate and efficient analyses on properties at scale. Furthermore, Socotra says the partnership will help to accelerate its international expansion plans, with its marketplace now having a broader appeal for commercial property insurer clients.

Socotra’s Director of Partnerships Mike Benayoun says: ”Socotra is very excited by the opportunities this partnership presents. By integrating aerial data into Socotra Connected Core we will offer insurers the ability to gain valuable insights on property conditions, environmental factors, and other risk indicators for a wide range of geographic regions. “The additional insights help Insurers stay competitive and meet evolving customer needs with the development of new insurance products and services tailored to specific segments or emerging risks.” Jacob Grob, CRO and Data Innovation Lead at Tensorflight adds: "We are thrilled to partner with Socotra. The company shares our vision of transforming the insurance industry with cutting-edge technology. By integrating our property data and insights with Socotra’s cloud-based platform, we can offer insurers a seamless and comprehensive solution for creating and managing innovative and customer-centric insurance products.”