Tensorflight: automating property inspections

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Insight

Founded in 2016, Tensorflight automates commercial property inspections for underwriting and risk assessment. According to PitchBook, the company has raised almost $9 million to date.

Our interview covers how insurers can use Tensorflight’s offering, the challenges of getting accurate property data and what insurers the company is already working with.

What does Tensorflight offer to insurers?

Tensorflight provides imaging-based technology to automate commercial and residential property inspections. We use satellite, aerial and street-level imagery from public and proprietary sources. Insurers use Tensorflight’s technology and insights for underwriting, risk assessment and claims processing. Our proprietary AI engine and computer vision technologies help reduce inaccuracies within property data, significantly decreasing both the cost and time spent on inspections by insurers.

What geographies does Tensorflight cover?

Our target markets include the UK, US, Europe and Australia. Tensorflight’s technology is designed to return an answer for anywhere in the world, but the accuracy can vary greatly by location. For each property attribute, Tensorflight provides a confidence score and data age. Information we provide from remote locations will often have low confidence scores and old imagery. In other locations we may be limited by access to geocoding, property boundary data, aerial and ground-level imagery. We can improve our offering in these more challenging locations by integrating local imagery providers and enhancing our data training.

How do insurers access Tensorflight’s insights?

Insurers can gain access to Tensorflight’s capabilities and insights in various ways. We offer a direct API integration into policy administration systems, data systems, agent and broker portals and pricing platforms. Our inspection capabilities, measurements and property attributes can be accessed via a web application. Schedule of values can be uploaded by email or web portal.

What property attributes do insurers find most challenging to find accurate data sources for?

The insurance industry can often struggle to source high-quality data. Sometimes it can be a challenge to even get a property’s location right. Inaccuracies in property attribute data that cause the largest financial losses to insurers include construction type, rebuild value, roof degradation, ACPs (aluminium composite panels) and general condition of the house.

Can you talk about any insurers that Tensorflight is working with?

We work with global insurance companies from mid-sized to fortune 500 insurers. We have contracts with half of the top 10 commercial property insurers, including Zurich and QBE.

How can Tensorflight assist insurers with remote claims assessment?

We help insurers to reduce the cost of property inspection. Insurers and loss control engineers can notify Tensorflight when a policyholder has made a claim for damages following an event. Tensorflight obtains data from available imagery sources, including SAR (synthetic aperture radar). Once these images have been scanned and analysed, Tensorflight can provide a damage estimate.

You can read more about Tensorflight’s activities within remote claims in the InsTech report - Property Remote Claims Assessment: the 40 Companies to Watch.

What is the focus of Tensorflight’s innovation activities across 2022?

Tensorflight's goal in 2022 is to continue expanding and improving our current capabilities. We aim to create more advanced inspection systems for commercial and residential buildings. We are also looking to provide new property attributes to help insurers with underwriting, claims adjustment and risk management. We are continuing to add features requested by our largest customers. We are also making our product easier to use for medium-sized insurers - for example, schedule of values processing automation.

Why is Tensorflight a corporate member of InsTech?

Through InsTech we can raise our profile amongst global insurance companies. Corporate membership also allows us to network with businesses providing complementary services and to find potential partners.

What companies is Tensorflight looking to connect with?

Tensorflight would like to connect with potential insurer clients. We are also looking for partnerships with data and imagery providers, such as building permits databases and satellite, aerial and ground-level mobility companies.