Sompo, Japan’s second-largest insurance company, will integrate Gaox’s property insurance technology to improve the accuracy of the risk assessment and underwriting process; Gaux has developed artificial intelligence-based technology for analyzing aerial photographs of buildings for the purpose of assessing building insurance risks; The agreement is the result of work by the Sompo Innovation Center in Tel Aviv, which initiates and leads technological partnerships of the Japanese insurance giant in Israel.
Japanese insurance giant SOMPO continues to deepen its collaboration with Israeli technology companies: Israeli startup Geox (GEOX) has signed a significant commercial agreement with Sompo, under which Sompo will integrate Geox’s technology in property insurance to improve the accuracy of the risk assessment and underwriting process.
Gaux has developed artificial intelligence-based technology for three-dimensional analysis of aerial photographs for the purpose of assessing real estate assets automatically and with high accuracy. This technology is expected to contribute greatly to the worlds of property insurance The roof of the building, the type of roof, its condition and slope and so on.
Among Gaux’s clients are reinsurer MunichRe, World Bank, FEMA (the US Federal Emergency Management Agency), leading insurance companies, and countries within the United States.
Among other things, Gaux’s technology is designed to help Sompo streamline the underwriting process for property damage caused by natural disasters, most of which are the result of drastic climate change that has become more common in the past decade, including in Japan itself.
The accurate assessment made possible by Geox’s technology will allow Sompo to offer each property owner a differential premium that automatically reflects the degree of risk that suits him. Sompo estimates that using Gaox’s platform will generate millions of dollars a year in operational savings and claims cost increases.
The number of natural disasters caused by climate change, such as floods and extreme storms, has quadrupled over the past 40 years, and according to the United Nations agency, has generated a global economic cost of $ 3.64 trillion. , An increase of 40% from the average in the last 100 years, according to data from the insurance company Aon.
The corona plague has also had an impact, and the demand for social remoteness has made the insurance claims process more complex, as insurance companies use skimmers or photos taken by customers, rather than sending appraisers on their behalf to event venues.
The collaboration between Geox and Sompo was led by the Sompo Innovation Center in Tel Aviv, which is responsible for investments and collaborations with Israeli companies in the fields of transportation, fintech, agritech, cyber security and digital health.
Gaux was founded in mid-2018 by three founders: Itzik Lavie (CEO); Eli Lavie (VP of Technology) and Guy Atar (VP of Business Development). Among the company’s investors are investment giant ICM and R&D partnership. -Tech.
Yinon Dolev, CEO of Sompo Israel’s Innovation Laboratory: “We are pleased to begin our partnership with Geox and believe that through the company’s technology we will be able to pinpoint the underwriting process and risk assessment we perform for the insured.”
Itzik Lavie, co-founder and CEO of Gaux: “Carrying out a risk assessment for buildings will allow Sompo to fairly reflect the level of risk to the insured. Our technology saves Sompo the need to send reviewers to every home during the underwriting process at high costs and even to give an accurate quote automatically to the customer, who ultimately enjoys fast service with an accurate quote.
“Not only that, we enable the control of assets that are already insured and the possibility of examining whether there has been a deterioration in the maintenance of the structure, which means an increase in risk.”