Mercury Insurance company chooses artificial intelligence underwriting tools

Insurance company - AI technology

The insurer has chosen to adopt the CAPE Analytics AI property solutions into its workflows.

The Mercury Insurance company has chosen a new suite of property artificial intelligence solutions from CAPE Analytics to incorporate into its underwriting workflows.

The insurer will use this AI solution to apply a property’s qualities and risk scores.

The new artificial intelligence suite from CAPE Analytics will allow the insurance company to use a property’s characteristics and risk scores to instantly assess an individual property’s risk across all the states in which the insurer operates, including California. When the insurer adds a new piece of information about a property, such as the condition of its roof, the company is hoping that it will enhance new business and renewal underwriting efficiency.

The property characteristics through CAPE will make it possible for the insurer to work with homeowners to slash their vulnerability to various types of risk such as weather events using mitigation practices.

Insurance company - Assessing property

The insurance company will be able to use this tool for assessment and recommendations on a property-by-property basis.

“At Mercury, we are always looking for predictive data and effective tools to enhance our underwriting and pricing, which will allow us to better serve our customers,” said Mercury’s Director of Personal Property Underwriting Kelly Glover. “CAPE Analytics’ products provide us with a unique and granular view of the properties we insure, which will transform the way we look at risk. We look forward to working with CAPE to introduce this new information into our business workflow.”

“CAPE is thrilled to be a key data partner to Mercury Insurance as our team continues to push the boundaries of our property intelligence solutions,” added CAPE Analytics Chief Revenue Officer Busy Cummings. “While new risk signals, such as our proprietary Roof Condition Rating, are available instantly and can help carriers like Mercury better segment risk, additional insights, like CAPE’s new Wildfire Mitigation Potential, can arm carriers with valuable information for their insureds and help them reduce the likelihood of sustaining property damage.”

The Mercury Insurance company goal is to use this technology to gain an assessment of a property’s true risk while offering owners strategies for mitigating certain elements within those risks.

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