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Flood Damage And Home Insurance Claims In Japan: What To Expect – NEW YORK, Jan. 20, 2022 // — Tractable, a company that develops artificial intelligence (AI) for predictive analysis and risk management, today launches AI Property, a new solution that analyzes damage to buildings caused by hurricanes, floods and other natural disasters. disaster.
Portable, the company that develops artificial intelligence (AI) for predictive analysis and disaster recovery, today launches AI Property, a new solution that assesses property damage caused by hurricanes, floods and other natural disasters.
Flood Damage And Home Insurance Claims In Japan: What To Expect
AI Property allows anyone with a smartphone to quickly and easily assess the weather conditions of a damaged property through a mobile-friendly web-based app, by taking photos and sending them to Tractable’s artificial intelligence platform, which reduces the hassle of having inspectors on site. analyze the damage after the disaster.
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The AI, which has been trained on a large database of claims and damaged properties, performs a quick analysis of the amount of damage it detects and reports this back to the homeowner’s insurance. While in a major natural disaster that process can take several months, now it can happen as quickly as one day.
Alex Dalyac, Co-founder and CEO of Tractable, said: “Climate change leads to more frequent and severe natural disasters. Hurricanes leave families without a suitable home to live in. By allowing homeowners to quickly self-assess their homes through augmented AI. damage assessment, companies insurers can intervene quickly and on a large scale, helping their customers in their time of greatest need.”
Tractable has been working in Japan with one of the world’s leading insurers, MS&AD Insurance Group Holdings Inc., to use AI Property to help homeowners in Japan during the country’s 2021 typhoon season. This technology has already been used to resolve claims from October’s Typhoon Mindulle, resolving them as quickly as in one day.
After a hurricane, MS & AD policyholders can use the AI to take high-resolution photos of wind damage to a fence, wall or other outdoor area with their smartphone and send it to their insurer for review. In the future, MS&AD and Tractable hope to expand AI coverage to include interior damage, such as water leaks and smoke.
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For now, MS&AD will only use AI for wide area disasters like hurricanes, and predictions calculated by AI will be verified by humans. Insurers who deploy the AI first and over a large volume of cases see it learn and achieve full automation quickly.
Ikuo Kudayama, Senior GM, Claims Division at Mitsui Sumitomo Insurance, a subsidiary of MS&AD Insurance Group Holdings Inc., said: “We are proud to be the first major insurer in Japan to use AI to help homeowners after a natural disaster. When a hurricane occurs, the destruction is such that it is not always possible to inspect everyone’s homes immediately. With AI, we use the technology of tomorrow to help our owners today, ensuring that we help them as best we can during their greatest need. “
Akira Yano, GM in charge of Natural Disaster Measures, Claims Service Division at Aioi Nissay Dowa Insurance, a subsidiary of MS&AD Insurance Group Holdings Inc., said: “We will continue to expand our services to meet the different needs of customers, and to know the reality of the Customer. .”
Since 2014, Tractable has developed AI to accelerate accident recovery and disaster recovery, and over 25 of the world’s leading insurers have already used their technology to understand vehicle damage. The company is now using what it has learned from auto appraisal to understand buildings, and has worked closely with architects to prioritize the elements of the home where AI can add more value – from vertical outdoor elements, to things like fences and walls.
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About Portable: Portable develops advanced virtualization systems for disaster detection and recovery. Its AI solutions process more than $2B a year in auto repairs and purchases, and have been deployed by more than 25 of the top 100 insurers in Europe, North America and Asia, helping millions of families recover from accidents faster.
Wearable AI raises $650 million in Series E funding led by SoftBank Vision Fund 2 – funding to power next-generation AI for rapid analysis within the automotive and infrastructure ecosystems.
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Homeowners insurance protects your home, your belongings, and provides liability coverage for damages that occur on your property. However, homeowner’s insurance alone is not enough to cover a hurricane because flooding is not covered under home insurance. Flood insurance by itself doesn’t provide enough protection, either.
To fully protect your home from storm damage, homeowners and flood insurance is recommended. If you live in an area prone to hurricanes, you may be required to have an additional wind rider on your home insurance.
Homeowners insurance covers the property against damage, called perils. A disaster is an event that can damage your home or property. Common insurance perils include fire, lightning, theft, ice, snow, ice, smoke, vandalism, and freezing.
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Covered by homeowners insurance, according to Hippo Insurance. It requires additional coverage using a rider policy.
The majority of homeowners who experienced flooding in 2020 did not live in flood zones and were not covered under homeowners insurance. According to FEMA, 30% of all flood damage occurs in low to medium-risk areas, where flood insurance is not required.
“Flooding is one of the most common and costliest natural disasters in the US, and given that we are in the midst of peak hurricane season, consumers.
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