Ecopia AI Named as a Leading Innovator in the InsurTech Sector

October 10, 2024 – Toronto – Today, Ecopia AI (Ecopia) is excited to share that it has been recognized by FinTech Global as one of the most innovative InsurTech companies worldwide. For a third time, Ecopia has earned a place on the InsurTech100, which showcases leading technology firms delivering next-generation solutions for insurers.

The InsurTech100 list highlights the 100 most innovative InsurTech solutions available to carriers as they advance their digital transformation strategies. This year, a panel of experienced analysts and industry experts carefully reviewed more than 2,100 nominations presented by FinTech Global. The selected companies were recognized for their capacity to leverage technology to address major industry challenges or improve efficiency throughout the insurance value chain. Specifically, the Advisory Board and FinTech Global team evaluated several key criteria in their decision-making process, including:

• The significance of the industry problem being solved
• Growth metrics, such as capital raised, revenue, and customer engagement
• The level of innovation in the technology solution
• The potential for cost savings, efficiency gains, and impact on the value chain or revenue growth for clients
• The significance of the company’s contributions for insurance executives to consider

Transforming insurance with AI-powered geospatial data

Ecopia provides next-generation geospatial data that is shaping the future of the insurance industry. Traditional property data solutions often rely on street- or parcel centroid-level geocodes to locate a property, which can lead to inaccuracies. Ecopia’s artificial intelligence (AI)-driven technology processes geospatial imagery to produce highly accurate building footprints and rooftop-level geocodes, providing the first and only comprehensive collection of building footprints in the US, along with top-tier address data. This technology enables top property and casualty carriers to determine the exact location of each insured building in their portfolio, enhancing property risk assessment, underwriting, and claims management. 

Each year, Ecopia updates Building-Based Geocoding by leveraging the most recent geospatial imagery. This imagery is ingested into Ecopia’s AI-based mapping systems, which extract high-precision building footprints and detect year-over-year change. This foundational geospatial information is then appended with address points, latitude and longitude coordinates, and a comprehensive system of unique identifiers denoting property relationships. To date, Building-Based Geocoding comprises 176M+ buildings and 270M+ primary and secondary addresses across the US.

By harnessing the latest geospatial imagery, Ecopia creates a distinctive source of ground truth that ensures data accurately reflects reality. This empowers carriers to identify changes in structures, such as damage, home additions, and other factors that impact a property’s risk profile. Additionally, Ecopia offers 3D building data, giving carriers a comprehensive understanding of a building's true extent, further enhancing risk assessments.

Digitizing the world using AI 

Commenting on the importance of the list, Richard Sachar, CEO of FinTech Global said “The InsurTech100 is a vital resource for industry leaders looking to stay ahead of the curve. The companies that have worked their way onto the list are driving real innovation and providing the tools insurers need to navigate the complexities of digital transformation in this dynamic marketplace. As industry leaders refine their technology strategies, these companies are playing a pivotal role in shaping the future of insurance. The solutions they offer—ranging from artificial intelligence and machine learning to telematics—are changing the game across the sector.”

“We are incredibly honored to be recognized on the InsurTech100 list once again,” said Jai Mehra from Ecopia’s Insurance Team. “At Ecopia, we are developing a digital twin of the Earth to tackle some of the most pressing challenges facing our world today. Our innovative solutions empower the insurance industry to navigate complex issues and seize new opportunities for growth. We are proud to deliver precise, comprehensive, and up-to-date geospatial data that enables insurance carriers to stay competitive in an ever-evolving landscape.” 

To learn more about the InsurTech100, click here.

For more information on Ecopia, click here. To view our HD map samples, click here.

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About the InsurTech100

The InsurTech100 is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts and analysts. These are the companies every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies. The previous InsurTech100 lists received widespread attention. Companies that won places on the lists generated huge awareness among insurance firms and the wider insurance community. Many were approached directly by financial institutions while others got a more welcome reception from prospective clients and partners. The list has been updated for 2024 to recognise the next generation of solution providers shaping the future of the insurance industry. The list aims to help senior management and insurance professionals evaluate which digital insurance models have market potential and are most likely to succeed and have a lasting impact on the industry.

About Ecopia AI

Ecopia is on a mission to create a digital twin of the Earth. We leverage artificial intelligence to convert high-resolution imagery into high-definition (HD) vector maps. These maps form a digital representation of reality and are embedded into decision-making applications, offering unique insight at scale. Ecopia’s HD vector maps are leveraged for hundreds of commercial and government applications across over 100 countries around the world.