Insurity, a cloud-based software provider for insurance companies, has joined forces with Faura to deliver property-level resilience data.
The tie-up will integrate the workflow and survivability analytics of Faura into Insurity’s platform to provide property-specific data to carriers and managing general agents (MGAs).
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The initiative targets the enhancement of underwriting profitability in areas frequently affected by natural disasters.
Faura’s technology facilitates property-level evaluations, offering insurers an increase in validated data compared to traditional inspection methods.
The partnership is expected to reduce inspection costs, which could lead to improved profitability and customer retention for insurance carriers.
Homeowners can get resilience road maps and potential reductions in premiums for taking preventative measures.
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By GlobalDataThe addition of Faura’s resilience scoring and data validation is set to enhance Insurity’s existing platform.
Faura’s techniques have been shown to accurately predict risk in wildfire case studies, with a 90–95% accuracy rate in events such as the mountain, palisades and eaton fires.
Faura CEO and co-founder Valkyrie Holmes said: “Our partnership with Insurity ensures that property-level survivability insights flow directly into underwriting workflows, giving carriers the clarity to stay profitable while helping homeowners stay protected.”
Insurity chief revenue and insurance officer Sylvester Mathis stated: “Faura’s pioneering approach to resilience data is transforming the landscape for insurers managing NatCat [natural catastrophe] risks.
“By integrating their survivability analytics into Insurity’s platform, we enable carriers to access valuable insights that foster profitable growth and enhance protection for policyholders amid increasing catastrophic risks.”
In March this year, Insurity partnered with OIP Insurtech, adding it as a system integrator partner to enhance its implementation capabilities and support services for property and casualty insurers.
