Arturo is a spin-out of American Family Insurance. The company, founded in 2018, is a real estate data and analytics startup that uses its experience within an established insurance company for first-hand knowledge of the challenges and needs within the industry.
Neil Pearson, chief strategy officer at Arturo, said the company’s customers are insurers and insurtechs that want to shorten transactions. The company uses point of quote, renewals, underwriting and claims triage.
“I think for us, we raised the bar in terms of actually having an API that could return 50 or so characteristics. … We could do that in under five seconds, which was actually a pivotal moment for the insurance industry because they needed speed,” Pearson said.
Arturo has a portfolio of aerial images, from multiple sources and portfolios, to detect changes on properties and be able to process a claim in the wake of a disaster within 24 hours.
“Most of our competitors were pre-processing imagery, annually, on a data set that was maybe built in 2018 or 2019. So, it's never current,” Pearson added.
Pearson said the insurance industry is pivoting again for more speed and the ability to look at a country in full, with configurable aspects to identify the underwriting risks. Moving forward, Arturo plans to work on its triage claims adjuster, which will allow the company to respond better to the climate crisis including weather-related disasters.
“We’re seeing, obviously, more events happening worldwide,” Pearson said. “These are the new normal. They’re not going away, they're not going to get any better, or they're going to get worse before they get better.”
