Geosite is a business operations platform that integrates geospatial data and analytics into the insurance lifecycle, enabling carriers to enhance underwriting and claims processing with improved location accuracy and faster access to post-catastrophe data. By consolidating multiple data sources under a single contract, Geosite addresses the challenges of legacy systems and data gaps, allowing insurers to make informed decisions efficiently.
Funding
$20M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
UGFounders
Product
Problem
Insurance carriers face challenges in efficiently integrating geospatial data into their workflows due to reliance on legacy systems, data coverage gaps, inaccurate property location data, and the need to manage multiple data contracts. This results in delayed access to post-catastrophe data and difficulties in making informed underwriting and claims decisions.
Solution
Geosite offers a business operations platform that streamlines the integration of geospatial data and analytics into the insurance lifecycle. The platform consolidates multiple geospatial data sources under a single contract, providing carriers with improved location accuracy and faster access to post-catastrophe data, typically within 24-48 hours of collection. By leveraging machine learning and a modern tech stack, Geosite enables insurers to overcome the limitations of legacy systems and data gaps, facilitating more informed and efficient decision-making in underwriting and claims processing. The Ascend visualization engine puts geospatial insights directly into the hands of insurers.
Target Audience
The primary target audience includes insurance carriers and reinsurers seeking to enhance underwriting and claims processing through seamless integration of geospatial data.
Features
- Integration of diverse geospatial data sources, including property, flooding, climate, wildfire, imagery, weather, and terrain data
- Geolocation services that increase the location accuracy of carrier assets by at least 50%
- Rapid access to empirical post-catastrophe data, available within 24-48 hours after collection
- Single-contract access to multiple data sources, simplifying data acquisition and management
- Machine learning-driven recommendations for tailored solutions based on carrier-specific needs
- Ascend visualization engine for direct access to geospatial insights