Izik Lavy on How Property Data is Changing Property Insurance

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In this episode of The Ryan Hanley Show, Ryan Hanley sits down
with Izik Lavy.





Izik Lavy is the CEO and founder of GeoX Innovations.





GeoX experts use machine vision and deep learning technology to
automate fast and accurate extraction of 3D objects from aerial
imagery and create worldwide property databases. This property
data is for Insurance companies to study property features, get
current property intelligence, effectively process claims,
streamline underwriting, and evaluate risks resulting in
significant cost reductions and lost revenue capturing.





Don't miss this conversation...





Episode Highlights:


Izik mentions that the goal of GeoX Innovations is to help
insurance carriers offer better insurance and understand risks
better, and help carriers predict events and notify their clients
to take proactive measures. (3:47)

Izik explains that his passion for geospatial and public
information led him to create something valuable that protects
people's lives and properties through the insurance industry.
(7:47)

Izik explains that GeoX Innovations uses a variety of data
sources to provide the most recent aerial imagery to insurance
carriers worldwide, and they prioritize providing good service to
everyone, regardless of their location. (14:21)

Izik shares that GeoX Innovations works closely with
insurance carriers to provide insights and data on risks, and
they analyze the raw data from imagery and combine it with claim
information to determine correlations and ROI for carriers.
(21:27)

Izik mentions that their platform is currently used by
insurance carriers and now they are working with insurance
agencies to help them target their clients and find the best
opportunities. (35:08)

Izik explains how their technology helps agencies target the
specific properties their carriers want to insure, giving them a
competitive advantage, which also helps agencies meet their
carrier commitments and expand their opportunities beyond their
local area. (40:07)






Key Quotes:


“Our mission is to help the insurance carriers to provide
better service to their clients, to reduce the risk and also to
provide a new revenue stream, and the way to do it is by
providing them insights, with data insights.” - Izik Lavy

“I create relationships with insurance carrier. And I think
this is like when we try to understand how, as agent, we can
create our future more clearly and also create more profit. I
think one of the biggest things that we need to do, the action
that we need to do is understand our client better.” - Izik Lavy

“You can make the entire sales cycle in one phone call. And
this is eventually what we tried to work with agencies. And we
want for them to be able to focus only on and say, how I close my
next call, and not how I call to the next client. I asked him the
question, I investigated, receive the information. And after
this, calling him back in two weeks, and try to call, closes a
deal. So, this is a thing that eventually we are trying to cut.”
Izik Lavy






Resources Mentioned:


Izik Lavy LinkedIn

GeoX Innovations

Reach out to Ryan Hanley

Rogue Risk

Finding Peak



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