GeoX enjoys robust growth in 2022 as insurers battle unpredictable risk

by | Dec 8, 2022

The Israel-based startup increased headcount by 74% while adding 120 new clients and 5 new partnerships 

NEW YORK – Today GeoX, a leading supplier of geospatial imagery data to insurers announced double digit growth against a backdrop of climate change and tough economic conditions. 2022 saw the company serve over 120 new clients worldwide, and work with 5 new partners. GeoX has expanded its offering in the US$843.6bn US Property & Casualty market and also entered UK and Japanese markets. To support this rapid increase in new business, the company increased headcount by 74%.

Insured losses from natural catastrophes have increased 250% in the last 30 years. With climate change making disaster risk more unpredictable, data-driven risk management is critical. As a result, more insurers than ever are using GeoX’s accurate, objective, and visualised property data to improve growth and efficiency. Powered by artificial intelligence and 3D aerial imagery, the company provides rich and real-time data to companies like Munich Re and Apple.

GeoX’s market-leading, patented technology uses machine vision and deep learning to automate fast and accurate extraction of 3D property data at scale. This year they added new smart attributes to their US database including wildfire risk according to vegetation zones and additional complexity to their roof type model. API property data request response times have fallen below 1 second, allowing fast integration into insurers’ workflows.

Izik Lavy, CEO and Co-Founder of GeoX said, ‘2022 saw high demand from insurers seeking to assess risk more accurately and prevent disaster damage before it occurs. Only a few years ago we were a 3 man company, and this year we welcomed 17 new team members. We’re looking forward to helping more insurers to reduce costs and streamline underwriting in 2023.’

 About GeoX

GeoX builds 3D property intelligence databases to help insurers assess risks more accurately, prevent losses, identify suitable properties for their portfolio, and to equip them better when claims occur, all while enhancing the customer experience every step of the way. Our proprietary 3D property intelligence derived from aerial imagery delivers data points for commercial and residential properties nationwide, from several roof geometry sources, to secondary structures and liability risks. And we deliver that rich, accurate property intelligence within seconds, at scale, and with no IT infrastructure requirements. For more information, visit https://geox-group.com.

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