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Arturo launches portfolio-level property insurance risk engine

Today, Arturo, a property insurance analytics and intelligence proptech, announced a new portfolio-level risk engine designed to help property insurers segment, monitor, manage and respond to portfolio risk, according to a press release.

The company says the solution utilizes high-resolution aerial photography and data, alongside AI-derived property characteristics, to give insurers scalable intelligence and make tactical decisions across the policy continuum.

The product incorporates various lenses, including a granular property lens and macro portfolio lens, to visual risk in underwriting, flag change detection for renewals, triage claims and deliver insights to insurers.

Originally spun out from American Family Insurance in 2018, the company operates deep learning models to provide accurate physical property characteristic data and predictive analysis for residential and commercial properties.

The company accesses these high resolution aerial images through partnerships, licensing the data from large collectors around the world and then running it through their proprietary deep learning models.

In addition to its existing property-level data, that can be used to monitor and underwrite insurance policies, this new solution now gives clients access to larger, scaled data that can be used to handle environmental-based challenges across an entire portfolio.

“Climate [events] are impacting consumers increasingly. Not everybody gets hit by a tornado, but when you are insuring millions of properties, these events are causing more of a challenge for them to run efficient and effective businesses,” Arturo CEO, John-Isaac “jC” Clark, told FinLedger.

“One of the things we’re really excited about with the release of our portfolio engine, is our customers can really better understand how these risks could impact them and how to respond more efficiently, which will reduce their costs,” Clark said.

While Arturo is currently only inviting select interested carriers to participate in the new engine’s beta program, it expects to publicly launch the product later this year in the U.S., Canada, Australia and Japan. Clark says that the general release will rely on feedback from beta participants, and could happen sooner or later depending on results of this initial launch.

The company has raised $33 million to date since its spin-out from First American Insurance in 2018, including a $8 million Series A in April 2020 and a $25 million Series B in April 2021. While there are no formal plans for another funding round, Clark says the company will likely raise again late this year or early in 2023.

“Based on our business performance and the amount of capital raised, we’re well positioned to continue to grow and scale the business. But yes, it is likely that as a venture-backed startup, we will continue to accelerate growth and raise additional capital in the future,” Clark said.

Clark also noted that the company is focused on providing value to markets at a global scale, not just the U.S., and stated that Arturo has expansion plans for Europe and Southeast Asia this year.

In other recent proptech news, Measurabl launched a new ESG Real Estate Data product to help companies measure, analyze and act on environmental impact initiatives. Proptech bettor First American is also looking towards mortgage tech and commercial real estate, according to Chief Innovation Officer Paul Hurst.

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