An Israeli-made AI technology for analyzing 3D aerial images will be used to assess property damages due to natural disasters in Japan, following a major commercial deal struck between Sompo and Israeli startup GEOX.
GEOX, an Israeli startup that developed tech to accurately and automatically assess real estate assets, will provide their product to Sompo, the second-largest insurance company in Japan.
Institutions and companies using GEOX's services include the World Bank, Munich Re and the US Federal Emergency Management Agency (FEMA).
Sompo's use of GEOX's image analyzer as a risk assessment tool for buildings will allow it to reflect the appropriate level of risk for those insured for natural disasters, GEOX's CEO Izik Lavy said.
"Our technology...provides an accurate price assessment automatically to customers, who ultimately benefit from fast service with an accurate cost estimate."
Sompo, through its subsidiary Sompo Israel, operates a digital lab in Tel Aviv dubbed the 'innovation center.' Launched in 2018, the lab is responsible for spearheading many collaborations between the Japanese insurance giant and Israeli startups in a number of fields.
"We believe that with GEOX's technology, we can make the underwriting and risk assessment process, which we conduct for those insured, much more accurate," Yinon Dolev, head of Sompo's digital lab, said.