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 TECHNOLOGY, REAL ESTATE INVESTMENT
Globenewswire | April 25, 2023
ProprHome, a Portugal-based blockchain-powered real estate marketplace, has announced an exclusive partnership with a US-based metaverse company, Odyssey. Together, they will provide a metaverse solution that enables customers to view properties immersively. With this partnership, ProprHome aims to provide a more trusted and convenient real estate experience, building on its mission to offer property developers, owners, and agents a new way to earn trust and credibility in every sales interaction.
ProprHome is focused on personal brand building and accountability, enabled by the fact its platform is developed on XRP Ledger. The company is currently operating in Lisbon, where it has created a digital twin of the city. Through its partnership with Odyssey, ProprHome is now offering digital twin design services to real estate developers to enhance their sales process off-plan, or under construction developments. Within the platform, each stakeholder, including customers, can view the property in an immersive way, and in some cases fully customize the interior.
The platform also offers you your very own non-custodial wallet, which is embedded in the site. This wallet enables customers to add their credit cards, bank details, or even purchase via XRP, its supported cryptocurrency. Once the customers like the property, they can reserve it by making a reservation payment. This feature benefits developers, by offering them a faster way to process new sales, as the first 24-48 hours of a development launch are often highly active. With this immersive experience, developers can sell the majority of their off-plan stock four to five times faster than with traditional methods.
The technology also allows customers to truly view properties from anywhere in the world. With a representative view from different levels and floors, customers can see the apartment's orientation, and even the amount of daylight and shadows it might receive thanks to the Unreal Engine technology that powers the platform.
ProprHome's ultimate goal is to provide an end-to-end marketplace solution for the industry. The company has a six-stage roadmap, and is already delivering on three stages: developing a rewards-driven platform, payment rails and NFT utility. Stage four is now focused on metaverse integration and immersive experiences, with stage five to follow; integrating secure document management.
According to the CEO of ProprHome, "Our core business is a marketplace that's inclusive for everyone. We promote real estate agents, property developers, and direct owners to advertise on our platform. This partnership is a significant step toward the future of the real estate search and discovery experience, and we believe the solution we provide will greatly enhance how many people enter the market.
By creating digital twins of cities, and properties, it enables developers to secure sales faster, and for customers to have more visibility. This partnership will undoubtedly transform the real estate industry and pave the way for a more seamless and convenient future to property search and discovery."
ProprHome is a property marketplace developed on XRP Ledger that offers real estate agents, property developers and owners a new way to earn trust and credibility in each sales interaction. Focused on personal brand building and accountability, ProprHome's goal is to enable a more trusted real estate experience making the process easy and convenient for everyone.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Businesswire | April 18, 2023
Real Title, a digital closing platform that provides a seamless search to close experience for real estate professionals and their clients, today announced it has launched Real Escrow of California to perform escrow operations exclusively in California. Real Escrow is a California escrow company built on industry-leading technology to enable agents to deliver a faster, better experience for their customers. Acquired by The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) in 2022, Real Title’s expansion to California gives the company a presence in six states, including Florida, Georgia, Texas, and Utah, in addition to Arizona, which launched earlier this month.
Real Title expects to be operational in at least 10 states by the second half of 2023. To support its continued growth, the company recently hired Brad Miller as National Director of Title. A 17-year veteran of the title industry, Miller will oversee Real’s title and escrow teams nationally, national underwriting partnerships, workflow processes, and vertical tech stack.
“We’re thrilled to begin offering escrow services in California and to welcome Brad to the Real team,” Sean Daly, Real Title Founder and CEO, said. “California is the fastest growing state in terms of agent attraction for Real and, because we consider ourselves one of the most innovative title companies in the industry, we are excited to launch in a state that is home to incredible name-brand technology companies.”
Miller joins Real Title from OS National, LLC where he served as Managing Director of Title Operations since 2020. Earlier, he oversaw the operations of Opendoor Title Holdings, a joint venture between Opendoor and OS National. Miller spent nearly 14 years at Amrock, beginning his career in 2005 as a Team Leader in Tax and Title Operations before being promoted to Vice President of Title Operations, a position he held for nearly nine years. Miller holds a bachelor’s degree from Michigan State University.
About Real Title
Founded in 2019 as Expetitle, Real Title streamlines the paper and time intensive settlement process through an in-app experience that allows agents and their clients to track the progress of their transaction, communicate and upload and store documents though a secure, collaborative environment. Real acquired the company in 2022 as part of its vision to provide agents and their clients with an end-to-end technology-driven search to close experience.
About The Real Brokerage
The Real Brokerage Inc. (TSX: REAX) (NASDAQ: REAX) is revolutionizing the residential real estate industry by pairing best-in-class technology with the trusted guidance of the agent-led experience. Real delivers a cloud-based platform to improve efficiencies and empower agents to provide a seamless end-to-end experience for home buyers and sellers. The company was founded in 2014 and serves 45 states, D.C., and three Canadian provinces with over 10,000 agents. Additional information can be found on its website at www.onereal.com.