CHICAGO--(BUSINESS WIRE)--Arturo, provider of AI-powered residential and commercial property analytics data and predictive analysis, today announced it has partnered with Near Space Labs, which produces high resolution, high frequency imagery to its collection of overhead imagery for clients. The addition of Near Space Labs increases the collection of aerial imagery for properties from two- to three-times per year to monthly or even daily, and in the event of a natural disaster such as flooding, wildfires or coastal storm surge.
Arturo is recognized by leading insurance carriers as possessing the best deep-learning models that can deliver property imagery to its customers instantaneously and continues to gain clients and recognition across the insurance industry. With the additional imagery from Near Space Labs, Arturo has improved its ability to provide high-frequency predictive analytics and property characteristics for commercial and residential properties. This advancement unlocks new potential for insurance, real estate and lending uses.
Arturo leadership engaged with Near Space Labs after learning of their unique imagery-collection capabilities. Exactly as their name states, they collect imagery, with zero-emissions balloons that travel in the stratosphere above commercial air traffic, but below satellites. This nimble approach provides for right-time observations, quick deployment, and increased resolution. When storms or wildfires create cloud cover that obscures satellite imagery, Near Space Labs has the flexibility to wait for a break in the clouds or smoke to capture necessary images and transmit them to Arturo for analysis. This near-real-time delivery of imagery datasets will improve Arturo’s product offerings and offer valuable insight for its clients by significantly increasing the number of times a property can be analyzed each year.
Today, insurance carriers operate using annual or quarterly imagery which can limit understanding of risk due to changes at the property after image acquisition. The adverse effect is that they are valuing properties and making decisions—which impacts homeowners' lives and pockets—without the most current information. With Near Space Labs and Arturo's joint solution, not only will P&C insurance companies have access to updated datasets on a monthly and weekly cadence, but it will also allow them to track property changes and neighborhood evolution over time.
“We are working with Arturo to solve a massive issue for P&C insurance companies. Traditionally, they have lacked up-to-date, ground-truth imagery for underwriting, claims and assessing risk,” said Rema Matevosyan, CEO at Near Space Labs. “Arturo's platform adds a layer of intelligence to enable insurance customers to better understand how commercial and residential properties change over time and also for catastrophe-triaging.”
“We are constantly striving for better, more accurate imagery to enhance our current products to improve resolution and clarity for our clients,” said Ben Tuttle, Ph.D., CTO of Arturo. “Near Space Labs with their high-frequency observations and ability to include precise resolution is a great addition to our services. When a region or state is threatened by a natural disaster, we need to monitor properties in near real-time. Near Space Labs will help us be more responsive to our clients, whenever they need us.”
About Near Space Labs
Near Space Labs offers high resolution, high frequency imagery at down-to-earth prices. Their stratospheric balloons, which can be deployed daily, scan very large areas with a resolution of 30 cm per pixel. Their innovative technology allows them to process and deliver to customers and partners within days. Near Space Labs launched in 2017 and is headquartered in New York City. To learn more about Near Space Labs visit: www.nearspacelabs.com or follow on Twitter @nearspacelabs.
Arturo is a deep learning spin-out from American Family Insurance relentlessly committed to delivering highly accurate physical property characteristic data and predictive analysis for residential and commercial properties for use in the Property & Casualty (P&C) Insurance, Reinsurance, Lending, and Securities markets.
Leveraging the latest satellite, aerial, and ground-level imagery, as well as unique proprietary data sources, Arturo’s deep learning models provide differentiated property data unparalleled by any other provider - often in as little as 5 seconds. To learn more about Arturo, Inc., visit: www.arturo.ai or follow on Twitter @arturo_ai.