GEOX is an Israeli startup that uses 3D technology and geospatial imagery for insurance underwriting and claims. Geox has been contracted by the Australian government company Geoscape to provide aerial footage-based 3D mapping of 18 million buildings around the Australian continent.
GEOX was also recently awarded at the DIA Prime Time virtual conference the DIAmond Award for the insurtech with most strategic impact.
Founded in 2018, GeoX uses machine vision and deep learning technology to automate the fast and accurate extraction of 3D objects from aerial imagery. GeoX produces countrywide databases of buildings (also known as property data) in cities and countries around the globe. Property data is used by Insurance companies for data-driven processing of claims and underwriting, allowing significant cost reductions and capturing of lost revenues.
With this new technology surveyors can now review countless buildings without even having to visit them in person. In this way, governments can save millions in taxpayers’ money every year and thousands of man hours when conducting all sorts of necessary surveys of properties and buildings.
Ran Tzror, CEO of the public R&D partnership Sure-Tech, one of the owners of GEOX: “We are pleased to see Sure-Tech’s strategy of investing in companies that are in the throes of a business venture, proving itself.”
Izik Lavy, co-founder and CEO of GEOX, said, “This is one of the most extensive and advanced projects in the world in terms of in-depth mapping of the country’s residential buildings. The data provided by our technology provides important and necessary information to insurance companies to assess future risks to buildings for determining premiums, monitoring changes made in insured assets, optimally deploying solar antennas, estimating expected electricity output from roof panels according to direction and slope and more. This is a significant leap forward compared to the technologies used so far in Australia. The agreement is expected to generate cumulative revenues of approximately $15 million for the company over the next five years.”