REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | April 26, 2023
Today, ZestyAI, the leading provider of climate and property risk analytics solutions powered by Artificial Intelligence (AI), announced that severe convective storms have joined the growing list of perils addressed by the company's risk analytics platform. Together, ZestyAI's new Z-WIND and next-generation Z-HAIL models provide a comprehensive solution for severe convective storms — the fastest growing and most costly secondary peril insurers face with nearly $22 billion in damage reported in 2022 alone.
"Insurers continue to grapple with skyrocketing losses brought on by traditional stochastic models that provide inadequate risk assessment for severe convective storms," said Kumar Dhuvur, Co-Founder and Chief Product Officer of ZestyAI. "That leaves carriers struggling to explain claims when they occur, often falling back to methodology that focuses exclusively on individual large storms. Using a single event to explain losses is like blaming a single candy bar when a tooth develops a cavity."
ZestyAI's Z-HAIL and Z-WIND models are rooted in scientific research, including a study just released by ZestyAI and the Insurance Institute for Business & Home Safety (IBHS), which shows claim frequency is affected by property-level characteristics, accumulated roof damage from previous storms, and potential exposure to future hail events. Traditional stochastic models don't account for the relationship between weather and the structure itself, and they also have many shortcomings with respect to data sources - records don't provide full geographic coverage and only consider storms reported to have hailstones over one inch. These omissions in both property-specific and climate data result in predictions that are wildly off actuals.
ZestyAI's models are unique in that they intersect decades of historical climatology data with property-specific features for unparalleled accuracy in risk assessment. To do this, ZestyAI taps into the immense computing power of the cloud and leverages the latest techniques of AI and machine learning. Using its proprietary Digital Roof™ technology, ZestyAI is able to precisely model the vulnerability of every property in North America to hail and wind based on their specific characteristics, such as roof complexity, quality, and building materials, among others.
These vast amounts of data are then synthesized into two scores, Claim Frequency and Claim Severity, so insurers have an accurate assessment of the expected claim frequency for each property as well as an accurate understanding of how serious a future claim may be.
Z-HAIL and Z-WIND are the first AI models to give carriers hail and wind risk assessment that can be used in both underwriting and rating at the time of quote. Using insights into a roof's susceptibility to severe convective storms and the potential severity of those claims, insurers can accurately segment properties by risk level.
ZestyAI's new models build on the market-leading success of the company's wildfire assessment product, Z-FIRE™, which has been a key piece in addressing wildfire risk in Western states of the U.S. With these additional climate risk products, ZestyAI now addresses at least one peril for every home and business in North America.
ZestyAI offers insurers and real estate companies access to precise intelligence about every property in North America. The company uses AI, including computer vision, to build a digital twin for every building across the country, encompassing 200 billion property insights accounting for all details that could impact a property's value and associated risks, including the potential impact of natural disasters. Visit zesty.ai for more information.
REAL ESTATE INVESTMENT, MORTGAGE AND LENDING
Businesswire | May 16, 2023
Enumerate (the “Company”), the leading provider of software and payment solutions to communities, homeowners associations (“HOAs”) and other vertical markets, today announced its rebrand after a previous growth equity investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies. The Company’s core products, TOPS Software (accounting) and Nabr Network (engagement), will operate under the new name Enumerate moving forward. Enumerate will be led by Charlie Piper, a software industry veteran and former Great Hill portfolio company executive. Great Hill invested growth capital into Enumerate’s predecessor company, TOPS Software, in July 2021 and executed the acquisition of Nabr Network in February 2022.
Enumerate’s technology will bring together the best in accounting, operations, payments, resident engagement, and financial services in one easy-to-use and integrated platform. The investment from Great Hill will enable Enumerate to accelerate its growth plans and further enhance its product roadmap to better serve customers.
“We are thrilled to partner with Great Hill as we embark on the next phase of our growth journey as a newly-launched company,” said Mr. Piper. “Combining the collective 70+ years of industry and product knowledge that we bring together, Enumerate is well-positioned to continue innovating on behalf of our customers. Furthermore, Great Hill’s deep experience scaling technology businesses will be invaluable to our transformation as we bring new solutions to market to deliver even greater value for our customers.”
“In fragmented markets poorly served by point solutions, we believe Enumerate is uniquely positioned as the accounting system of record to deliver an integrated payments and software offering. Opportunities exist on both sides of the accounting ledger, accounts receivable (money in) and accounts payable (money out). We look forward to providing the support and resources required to capitalize on this large and under-penetrated opportunity across our core markets,” said Joe Germanese, Principal at Great Hill.
Since its inception, Great Hill has developed a deep track record in the payments and software sectors with over 20 investments in the category. In addition to Enumerate, Great Hill Partners’ portfolio includes One Inc, Versapay, Paytronix, Vanco, NMI, BlueSnap, and more. Prior investments include Affinipay, Accelerated Payment Technologies, BillMatrix, ChromeRiver, MineralTree, and PayChoice, among others.
Enumerate is the leading provider of community association management software and payments solutions that reduce administrative tasks by over 75% for property management companies and self-managed associations. With tens of thousands of communities and millions of homes managed, Enumerate empowers community association management organizations by digitizing and optimizing their accounting processes, operational workflows, AR & AP payments, and resident engagement. As a result, they can scale business and community growth and operations, improve homeowner and board satisfaction, maximize ROI, and transform the financial reconciliation processes. Enumerate exists to make community management easier. Want to see how? Learn more at www.goenumerate.com.
About Great Hill Partners
Founded in 1998, Great Hill Partners is a private equity firm targeting investments of $100 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. With offices in Boston and London, Great Hill has raised over $12 billion of commitments and invested in more than 95 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. Great Hill has been recognized for its industry leadership, being ranked #3 in the 2022 HEC Paris-Dow Jones Mid-Market Buyout Performance Ranking, which evaluated fund performance of 563 leading private equity firms between 2009-2018.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | May 02, 2023
SentriLock, the official lockbox of the National Association of REALTORS®, and Rental Beast, the exclusive rental technology provider for the National Association of REALTORS®, have announced a partnership that will make Multiple Listing Service (MLS) platforms specifically compatible with managing rental listings, providing unprecedented functionality for renters, investors, and property owners.
Through this integration, SentriLock users will now have the added capability to conveniently assign electronic lockboxes to their rental property listings directly from the Rental Beast platform, which powers the MLSs' Add/Edit functionality. The integration provides these properties with the same enhanced control and security that SentriLock users have on their "For Sale" listings. Real estate professionals will know when potential renters have viewed the property and owners can easily coordinate with contractors and others needing access to the property, providing them with one-time "flex codes". The integration makes it easy to schedule showings, saving time for agents and property owners.
"Historically, the rental transaction market has been a fragmented and messy place. Our partnership with SentriLock is designed to make the agent or REALTOR® the power user as it pertains to rentals," said Ishay Grinberg, CEO and Founder of Rental Beast. "Because of this integration with SentriLock as the leader in the field of electronic lockboxes, we're creating a seamless ecosystem that empowers agents and property owners with the ability to continue building their long-term businesses."
"Our partnership with Rental Beast aligns perfectly with SentriLock's core values of providing innovative solutions to make the real estate industry more streamlined and user friendly," said Scott Fisher, CEO and Founder, SentriLock. "In solving a longstanding compatibility issue with MLS systems and rental properties, we know that renters, agents, and owners alike will benefit from having an interface tailored for their specific needs."
The partnered integration will roll out beginning with Triangle MLS™.
About SentriLock, LLC
SentriLock is a leading provider of electronic lockbox solutions for the real estate industry. SentriLock's lockboxes use advanced technology to ensure that only authorized individuals have access to properties and provide real-time access and activity reports. SentriLock is dedicated to providing its customers with the highest level of security and convenience.
About Rental Beast
Rental Beast is a leading real estate technology firm with an end-to-end SaaS platform designed to empower real estate professionals and the nation's most comprehensive database of nearly eleven million rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types.