Artificial intelligence is transforming a lot of industries, one industry that has yet to fully realize the potential of artificial intelligence exists in the property insurance space. From claims and underwriting to renewals, some aspects of the property insurance industry still rely on traditional methods to assess properties.
These traditional assessment methods are full of challenges that include human error, resulting in time and cost inefficiencies for insurance carriers as well as other stakeholders involved in a property such as realtors, home buyers, contractors, and more.
How do property assessments currently work?
Properties have a management lifecycle after a building is constructed that include ongoing maintenance, inspections, and repairs to extend the lifespan of a building, not to mention the other activities for when a building experiences damage to its structure and contents. Property assessments are part of each of these events where an expert visits the property and performs an assessment which includes manually measuring rooms, assessing the condition of materials, content, and structures, risks involved, and other linked factors.
These property site visits and associated manual processes cost the insurance industry billions of dollars per year. All this is on the way to becoming history, thanks to the contributions of Engineer Sathish Kumar and the Hosta a.i. team. Hosta’s patented technologies can automatically and accurately assess residential buildings in the U.S. with only a few simple photos. People can receive an exhaustive list of details and insights about their property such as detailed floor plans, materials, measurements, 3d models, and more without ever installing an app nor requiring any special skills, sensors, or other equipment other than a mobile device.
Sathish Kumar’s contributions in developing the assessment technology at Hosta.ai
Senior Engineer Sathish Kumar Katakuri works on solving Computer Vision and Artificial Intelligence (A.I.) problems applied to property assessments and also their workflows. His contributions have helped Hosta a.i. automate the property assessment process, enabling quick and accurate turnarounds on numerous interior property inspections.
Sathish is a graduate of Arizona State University (ASU) with a Masters in Computer Engineering specializing in Computer Vision and Machine Learning. His journey with A.I. and visual computing is not new, and he had developed a novel A.I.-based algorithm even before entering college. The algorithm allows anyone to capture visually pleasing photographs, just like a professional photographer. Not just that, another one of his inventions includes a low-cost DIY VR headset to help researchers validate their own experiments in simulated environments.
Sathish has worked on numerous scientific explorations in A.I. and visual computing since he joined Hosta a.i. These explorations have solved the biggest challenges in perception and deep learning applied to the built environment with a profound impact on the U.S. property insurance industry.
How is Hosta a.i.’s solution changing the property assessment industry?
The solution developed by Hosta a.i. replaces traditional property assessment methods by converting simple pictures of interior rooms into detailed property data that enables a homeowner and assessment professionals to efficiently gather information necessary to tackle a building project. This is a game changer for contractors, insurers, home improvement platforms, and more.
With the click of a button, you can receive measurements, materials information, 3D models, floor plans, and risk assessments with Hosta a.i.’s solution. Hosta’s solution applies to several use cases: insurers looking to underwrite a new policy or approve a claim above a certain threshold; mortgage lenders for property value assessments; home improvement platforms for creating 3D models, floorplans, and more. The Hosta solution significantly reduces turn-around time, costs, and almost eliminates human error from assessments.
Accessing the impact of Hosta a.i. in numbers
The numbers reflect the level of change the solution brings to the industry. Using the Hosta solution has helped professionals save a whopping 80% in turn-around times and save 80% with lower estimation costs. All these time, money, and effort savings come without compromising on the objective or outcome.
Along with the required information, the Hosta solution provides an excellent data source for properties that can be used to get different types of insights.
What lies ahead
A.I. and visual computing are transforming the property insurance industry, and solutions created by engineers like Sathish and the Hosta team are all set to change systems in the industry as we know it.
Sathish Kumar of Hosta a.i. is still working on exciting and cutting-edge technologies to further refine industry processes, which will make life easier for insurers, mortgage lenders, contractors, architects, home improvement platforms, other professionals, and for the people who inhabit and occupy buildings.
We wait to see the changes and opportunities that arise out of this changing scenario in the property insurance industry.