Today, CAPE Analytics, the leader in AI-powered geospatial property intelligence, announced the launch of 'Hail Roof Damage Rating,' developed in partnership with Canopy Weather, an innovative weather technology company. Driven by machine learning, the Hail Roof Damage Rating indicates the likelihood of post-storm damage to roofs after severe weather and can accurately predict the subset of claims eligible for automated, straight-through processing with over 96% accuracy.
The insurance industry receives over 500,000 claims for home damage due to hail each year. Heavy claim volumes and a lack of adjusters lead to long wait times for insured. The new Hail Roof Damage Rating identifies high probability claims that can be fast-tracked—within hours of a storm—benefiting policyholders and reducing loss adjustment expenses through automation.
CAPE and Canopy began their partnership in 2021 and have spent the last year developing this offering, combining weather risk and property vulnerability analytics with observed weather severity and property condition. Through their partnership and co-development of new products like the Hail Roof Damage Rating, the two companies seek not only to improve access to high quality data, but to bring forth new risk insights that were previously unavailable.
“With over a decade of experience focused on the industry's hail claims problems, we're excited to combine our forensic-grade hail analytics with CAPE's AI-powered property analytics,” Matt Van Every, CEO of Canopy Weather, said. “Combining these two disparate core competencies – one company focused on weather damage, the other company focused on visible property vulnerabilities – is finally making weather data actionable.”
By creating solutions that combine weather risk data with individual property vulnerability, CAPE and Canopy are able to overcome the limitations of either respective area by understanding the effects of hail, roof conditions, and their interactions with each other.
“Following heavy investment in wind risk and wildfire risk, CAPE is bringing new property-level insights specific to the growing hail problem, which can help carriers improve their risk analysis and claims processes,” Busy Cummings, CAPE Analytics' Chief Revenue Officer. “At CAPE, we strive to provide critical insights into the built environment to power better decision-making. This new product offering can help carriers uphold their mission to make their insureds whole as quickly as possible, while continuing to improve the customer experience.”
About CAPE Analytics
CAPE Analytics provides instant property intelligence for buildings across the United States and Canada. CAPE Analytics enables residential and commercial property stakeholders to access valuable property attributes instantly, with the accuracy and detail that typically requires an on-site inspection, but with unparalleled immediacy and global scale. Founded in 2014, CAPE Analytics is backed by leading venture capital firms and insurers and is comprised of machine learning, data infrastructure, and property risk experts.
For more information about CAPE, visit www.capeanalytics.com.
About Canopy Weather
Canopy delivers property-specific hail size and roof damage analytics to insurance and financial services industries. Canopy's team has a long history in the P&C industry, founded by Matt Van Every and Don Giuliano, who led the development of the first-ever ground-level hail-size verification and property-specific hail history products over a decade ago.
More about Canopy's innovations: www.canopyweather.com.
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