Arturo, a platform that obtains property insights and predictive analytics from aerial and satellite imagery, has partnered up with Urban Sky to integrate its stratospheric photos into Arturo’s collection of property images.
The partnership allows Arturo to provide more accurate analysis to its U.S. insurance customers, especially in suburban and rural areas.
Arturo CEO John-Isaac Clark told FinLedger in an interview that this partnership will help Arturo, which is powered by artificial intelligence, capture these images at a greater frequency and reduced cost.
“This means that because of lower price points, greater areas that have these lower populations can also be captured that previously weren’t economically feasible,” Clark said. “The benefits for Arturo [are], through a partnership like this, really great quality imagery that is becoming potentially comparable to the level of quality and resolution that aerial provides way more frequently, way more cheaply and also in more areas.”
Arturo is a spin-out from American Family Insurance and delivers physical property characteristic data and predictive analysis for residential and commercial properties.
Urban Sky has a Microballoon that captures high-resolution imagery from up to 60,000 feet above sea level using technology that the news release says “more cost-effective than traditional aerial photography.” Urban Sky says on its website that its Microballoon reduces the cost of high-resolution remote sensing and weather-related data that’s captured over vast areas.
Arturo will also not only be able to serve its customers better but also expand into other verticals such as mortgage and lending, Clark said.
“This partnership means opportunity to go to other verticals because of more frequency, and more wide scale monitoring that helps us catch more properties on a more frequent basis to serve other verticals besides insurance as well.”
Arturo has over 50 employees and has doubled its income year-over since inception. Clark said he considers the formal inception of Arturo to be in 2018. The company’s main customer base includes property & casualty insurance, reinsurance, lending and securities companies. As of last month, Arturo has analyzed over 35 million properties in the U.S and Australia, Clark said.
In other recent insurtech news, Boston-based insurtech startup Corvus Insurance has scooped up $100 million in a Series C round led by VC firm Insight Partners. The round lifts the valuation of the commercial insurance provider to $750 million. As part of the round, Deven Parekh, managing director of New York City-based Insight Partners, will join the board of directors at Corvus Insurance. David Spiro, principal of Insight Partners, will be a board observer.