Case Study: a major residential property insurance provider achieves more accurate remote property risk assessment with EXL's AI and aerial imagery solution

Using AI and aerial imagery to remotely assess properties accurately

EXL worked with a major residential property insurance provider in the U.S. that had over $1B in net written premiums and was struggling with manual, inconsistent property and casualty assessment processes. Underwriters and adjusters had to visit properties in person to verify claims and gather policy information, leading to high costs, inefficient utilization, inadequate property attributes for decision-making, and higher loss ratios.

EXL implemented an AI-powered property risk analytics solution that used high-resolution aerial imagery to remotely assess roofs and other property attributes, including fire, weather, flood, value, and liability risks. The solution enabled accurate risk scoring without on-site visits and delivered measurable results in the proof of concept, including about $30M in annual savings from not renewing high-risk roofs, $20M-$40M in additional revenue, a 1-2% increase in policies in force growth, and a 2-3% improvement in loss ratios.