“CoreLogic’s Image Analytics solution has revolutionized property professionals’ workflows by embedding generative AI into its existing DASHTM platform, saving over 10,000 hours in reporting. This AI-driven solution scans property images to provide comprehensive data instantly, including property condition, building grade, and damage type, with an impressive accuracy rate.” – Judges’ comment.
The Image Analytics solution created by CoreLogic has saved property professionals more than 10,000 hours in reporting. The appraisal process has been benefitted by CoreLogic’s AI solution with photo tags. These photo tags save 15 to 20 minutes, on average, per appraisal review plus they eradicate quality control issues which can add days to the appraisal process. Photo tags cover building grade, property condition, home features, damage type, and more.
CoreLogic’s solution is built upon state-of-the-art deep learning neural networks modelling techniques to automatically scan property images and instantly provide a comprehensive set of data.
The solution has a 99.8% success rate of solar panel detection, which historically have been detected late in the appraisal process, resulting in additional costs. Through early detection with Image Analytics, appraisers have access to critical information such as additional costs that could be incurred, or a secondary lien.
Image Analytics is intuitive and easy to use, increasing confidence in appraisal reports for all levels of data literacy. Rules can be amended to set higher standards for audits and provide a level of customization for different needs. Traditionally, auditors rely on information from job estimates; Image Analytics enables a set of AI-produced data to create comprehensive and accurate reports.
“With a team of over 110 data scientists, CoreLogic’s solution not only enhances property professionals’ confidence and efficiency but also contributes to reducing homeowners’ insurance premiums by identifying risk factors and safety measures.” – Judge’s comment.
CoreLogic employs over 110 data scientists, catastrophic modelers, and geo-spatial experts to develop image analytic insights reducing homeowners’ insurance premiums in California due to wildfire risk – 25% of all Californian residents live in a county that has been ravaged by fire in the last 25 years. Insurance premiums have risen on average by 23% since 2023 on a $250,000 home, and this is primarily driven by the rise in the frequency of major weather events due to climate change.
Image Analytics identifies candidate properties to help insurers better understand risk. CoreLogic understands every detail and measurement from identifying distance to fence, attachments such as pergolas and trellises, and brush clearance from underneath a property’s deck. Insurers can then reduce premiums by modeling the resiliency impact that these safety measures provide to the property.
“CoreLogic’s solution not only enhances property professionals’ confidence and efficiency but also contributes to reducing homeowners’ insurance premiums by identifying risk factors and safety measures. This transformative use of AI solidifies CoreLogic’s position as a leader in leveraging advanced technology to drive innovation in the real estate industry.” – Judges’ comment.
