AI-Based Replacement Cost
Designed to address existing gaps and guided by market feedback, our solution offers unparalleled advantages for insurers.
The first gap is the lack of full automation – existing solutions require you to manually input data like square footage, number of bedrooms, or quality of finishes. This creates room for error and renders scalability impossible. Tensorflight offers full AI automation across the whole process, where only the building address is needed to get replacement cost estimation in seconds.
Commercial Property Data
The second gap is the lack of commercial property data – outside of Tensorflight, prefill in commercial property underwriting is almost nonexistent. Historically the industry was focused on residential properties and the commercial property replacement cost never was a focus. We’ve seen scenarios like commercial building costs being inaccurate by a factor of 10 – the insurer was just updating building construction based on inflation indexes during many years of renewals. Our solution offers both residential and commercial property replacement cost estimations – we are able to provide prefill on any property we see.
Solving the undervaluation by offering an AI method that is continuously enhanced and updated as new data is made available. Our internal team of experts and partnerships with leading providers of construction cost data ensure as the technology advances, our system provides an ever-growing ROI to our clients along with fast and accurate information.
Transparent and Validated Process
Tensorflight’s science-based process includes various methods supporting model decisions. We validate our models using industry-standard construction cost databases, claims data, and recent construction costs. Our dedicated team of property analysts ensures quality on a case-by-case basis.
Factors Considered for Precision
Our AI model operates in a three-step process, considering standard and advanced attributes. With nearly 5000 location groups, our model predicts replacement cost using machine learning and AI on verified, recent construction costs, cross-validated with industry-standard databases.
Future-Ready with Confidence Scores and Flexibility
In our upcoming version, Tensorflight introduces confidence scores and distribution of potential replacement cost, adding a layer of uncertainty quantification. With major updates once a year and quarterly minor updates, our solution remains flexible and adaptable to custom requests. Why choose AI over traditional methods? Tensorflight provides adaptability, granularity, confidence scores, and frequent updates. Our models ensure accuracy and handle changing market conditions effortlessly.
Why choose AI over traditional methods?
Tensorflight provides adaptability, granularity, confidence scores, and frequent updates. Our models ensure accuracy and handle changing market conditions effortlessly. Tensorflight’s AI solution stands out in the market, opening pathways for new applications at the best prices. Its adaptability, lack of manual input, and superior handling of corner cases make it ideal for quoting solutions or straight-through processing systems.
The following solution was created as a part of the project “Scalable and real-time solution for automatic estimation of property reconstruction costs”. Financed from the European Union funds.