Building the future
of property insurance.
Building the future
of property insurance.
The $800B Property Insurance Industry is Collapsing. Blind Spots And Data Deficits Are Fueling $45B In Fraud Annually.
Currently, the property insurance system relies far too much on guesswork and expert opinions instead of concrete evidence. This opens the door to inflated claims and outright fraud, costing billions annually. We urgently need a complete visual record of every property over time – a transparent database that exposes risks early while validating claims when disaster strikes.
Drodat is building & collecting the world's largest historical database of property conditions in the US.
We are pioneering a new era in property data, assembling the world's largest historical record of housing conditions. This begins with our drone fleet conducting comprehensive roof inspection sweeps, canvassing entire cities and regions. This unparalleled asset enables insurers to illuminate blind spots - detecting emerging risks proactively, validating or denying claims irrefutably, and gaining an analytics-driven competitive advantage.
DATA COLLECTION
Mass roof inspections
across entire cities & states before claims are filed.
Our fleet of semi-autonomous drones are on a mission: to map the urban landscape in unprecedented detail and revolutionize the way we understand property risk. By systematically canvassing entire cities at a time, we are capturing detailed information about roof conditions, foundation cracks, vegetation growth, and other potential risks. This data becomes the foundation for a comprehensive digital record, illuminating previously invisible threats and providing irrefutable evidence for claims.
Win Disputes and Prevent Fraud
Swift fraud detection
by referencing our database of pre-loss conditions.
Without pre-disaster visuals, inflated claims cost billions annually, leaving insurers powerless. Our roof inspection database changes this, providing documented timelines proving pre-existing defects.
Adjusters now access our repository for high-resolution scans exposing wear and tear. This concrete proof empowers claims teams to confidently challenge exaggerations, preventing unnecessary litigation and saving billions.
By revealing the truth, we arm insurers with the evidence needed to quickly eliminate fraud. Our archive brings unprecedented transparency to the claims process, ensuring only valid claims are paid.
How Fraud Happens
There is no one-sized fits all answer to this question, but the scenario below is a common representation of today's broken system being taken advantage of.
Pre-Existing Damage: A home has existing roof damage due to normal wear and tear, which is not covered by an insurance policy.
New Storm Event: A new small wind storm hits the area. This is enough to be categorized under the legal definition of a windstorm, but damages are likely none or extremely minimal.
Aggressive Solicitation: Contractors and public adjusters often canvass storm-affected areas, aggressively pressuring homeowners to submit insurance claims. They may offer promises of substantial payouts or other incentives.
False Claims: In some cases, fraudsters take advantage of this situation by filing false insurance claims. They assert that the storm caused extensive roof damage, which may not be entirely true.
Expanding the Claim: These fraudulent actors may go further by claiming that the storm damage allowed water inside the house, causing interior damage such as staining ceilings and warping floors. This increases the claim amount significantly.
High Estimates: Public adjusters submit inflated estimates, sometimes totaling hundreds of thousands of dollars, claiming extensive damages.
Lack of Pre-Storm Proof: In many instances, there is no pre-storm evidence to conclusively prove that the claimed damages were not pre-existing. This makes it challenging for the insurance company to dispute the claim.
Insurance Company's Challenge: The insurance company may challenge the claim, but without evidence of pre-existing damage, they often struggle to prove that the claimed damages were not storm-related.
Cost to Insurers: As a result of such fraudulent claims, insurers may end up paying for damages they shouldn't, leading to substantial financial losses. These losses contribute to increased premiums for all policyholders.
Higher Premiums for All: The ultimate consequence of insurance fraud is that average policyholders end up paying more for their premiums, often over $1,000 more per year, to cover the losses incurred by the insurance companies due to fraudulent claims.
Our Solution
Our AI drones photograph every home before storm season, cataloging high-res roof imagery
We upload dated scans to our secure cloud database. Each home has pre-storm documentation.
When a claim arises, adjusters reference our dated scans proving pre-event damage
Concrete proof prevents inflated payouts. Insurers avoid fraudulent costs and lower premiums.
Underwriting With Clarity
Transforming underwriting
by visualizing current risk levels virtually.
During underwriting, insurers currently depend upon limited metrics and assumptions lacking real-time visibility into evolving property risks. On-site inspections rarely occur, leaving exterior conditions unseen without annual visits. Aging roofs, vegetation threats, and other exposures too often remain invisible...until claims arise. Our unmatched roof imagery database solves this central blindspot. By documenting up-to-date building risks across an insurers entire portfolio, our scans supply the up-to-date visual data that underwriters desperately need for accurate policy underwriting.
INSIGHTFUL AI SOLUTIONS
Elevated property insurance intelligence
through advanced AI analytics.
Our vast historical visual data asset serves a greater purpose than fighting fraud and assisting with underwriting. Our team will enrich this proprietary foundation by building sophisticated AI models - transforming outdated insurance practices through innovations like real-time automated claims assessment. This enables proactive risk mitigation, tailored pricing, and beyond. We envision an industry elevated by our machine learning models to new heights of efficiency, fairness and sustainable growth, with our imagery archive serving as the springboard for this data-driven revolution.
Risk Management
For too long, property risk assessment has relied upon outdated tables, generic assumptions, and reactive crisis response. We envision a future where advanced AI prediction models identify vulnerabilities before disaster strikes – empowering informed mitigation.
Our models will perform multi-variate analysis on historical imagery timelines combined with meteorological data and maintenance records. This equips insurers to quantify the probability of future storm, flood, fire, or negligence damage on a hyper-localized basis.
We will send personalized property risk alerts informing customers and insurers when preventative maintenance is advisable to avoid exponentially costlier future claims. If visually identified vulnerabilities still pose an unacceptable risk level despite mitigating efforts, premium increases or policy changes may be dynamically calculated to match the elevated exposure.
Over time, we aim to evaluate the ROI of various risk-mitigating measures at scale. This will optimize recommendations for investments like roof upgrades, vegetation trimming, fire-resistant materials etc. to maximize risk reduction. Customers may then observe premium discounts after following smart prevention tactics.
By evolving beyond reactive claims payouts to informed proactive risk intelligence, we bring tomorrow’s innovations to an essential societal system today. This is the future vision we see, built upon the proprietary data foundation we are pioneering.
Claims Processing
Inefficient, outdated claims processing introduces far too much friction and distrust into the insurance system. We envision an automated future, with impartial AI adjusters resolving claims in minutes while optimizing insurer costs.
Our models will perform automated image analysis assessing new damage against pre-event scans, conclusively determining if and where post-disaster destruction occurred. By comparing historical imagery timelines, the AI can precisely spot discrepancies, instantly separating legitimate claims from inflated assertions.
For valid damage, the AI will rapidly quantify required repairs and estimate costs with accuracy that surpasses any human adjuster. This eliminates the back and forth of manual approvals, drastically accelerating claims fulfillment from weeks to minutes.
For suspected fraud, the system flags suspicious patterns, providing documented visual evidence highlighting areas of manipulation or pre-storm defects. This empowers significant fraud reduction without ever accusing honest customers unfairly.
Settlement costs are simultaneously optimized leveraging historical pricing data on materials and regional labor. By slashing processing lag while optimizing payout accuracy, our AI solutions deliver a monumental increase in both insurer and policyholder satisfaction.
Customer Intelligence
Insurers currently struggle to deeply understand clients, predict emerging needs, and tailor offerings accordingly. The future we envision turns the insurance value chain on its head - dynamically adapting products and pricing to each customer through AI.
Our models will perform multi-factor analysis of property risk trajectories, claim patterns, lifestyle and behavioral data, and more to construct holistic customer profiles. These expose cross-selling opportunities while allowing truly personalized policy packages tuned to individual exposure.
As additional IoT and weather data enters the ecosystem, our AI will continuously update customer risk scores and coverage needs in real-time. This supports dynamic pricing shifting with risk levels while proactively alerting clients to investment opportunities that may permanently reduce premiums.
Moving beyond one-size-fits all policies, the precision underwriting we develop enables entirely new parametric offerings. These pay claims based on trigger events without manual approval, providing rapid disbursement through automatically executed smart contracts.
By fundamentally integrating each customer’s unique needs and positions into the insurance lifecycle, we believe data and AI can unlock exponential gains in client satisfaction and loyalty. The future looks bright, and our models will lead the way.
Policy Innovation
Insurance policies remain stubbornly antiquated - struggling to keep pace with a dynamically shifting risk landscape. We envision a new generation of flexible coverages with the intelligence to dynamically respond to changes.
Our models will assess factors like property modifications, weather pattern changes, climate risk trajectories and more to frequently recalculate highly localized risk scores. As exposure fluctuates, pricing and coverage terms will self-adjust, ensuring policies accurately reflect the most current conditions.
Rather than waiting for renewal periods, these AI-powered policies transform to match evolving customer risk profiles in near real-time. This allows proactive notifications to clients of changes while providing options to mitigate rate increases through verified risk reduction investments.
Parametric coverages based on data triggers will complement these dynamically shaped policies, blending the stability of insurance with the responsiveness of automation. When data feeds indicate damage, automated rapid settlement disbursements unlock a new world of instant relief.
By closing the gap between rigid legacy contracts and a dramatically changing risk environment, our AI innovations future-proof a broken system to benefit both insurers and most importantly, those they protect.
Market Forecasting
In today's landscape, carriers struggle to predict market shifts, often reacting late and missing opportunity. We plan to transform volatility into an advantage through AI - delivering unrivaled visibility into emerging trends/threats by extracting insights from our expansive proprietary database.
Our models will perform multidimensional analysis evaluating weather projections, climate risk trajectories, building codes changes, labor/material pricing shifts and more to generate highly accurate forecasts on regional damage expectancy. This will illuminate profitable market niches helping guide expansion efforts and product R&D.
Insurers will gain a real-time pulse on micro-market movements through continuous risk scoring updates at granular address levels. This powers dynamic pricing algorithms, keeping premiums ahead of damage curves. For large impending disruptions, early alerts trigger pre-storm underwriting freezes or rate changes protecting against adverse selection.
Competitive intelligence dashboards will track rivals’ rate filings, new product introductions, and M&A to inform strategy and identify gaps. Workflow enhancements automatically synthesize insights into playbooks - transforming raw data into plans of actions.
By converting volatility into visibility, our AI guidance shifts carriers from reactionary response to informed strategic planning powered by once unimaginable levels of predictive analytical confidence in every corner of the ecosystem.
Insurance fraud doesn't just hurt insurers. It costs the average homeowner $1k per year in increased premiums. Let's put an end to it.
Insurance fraud doesn't just hurt insurers. It costs the average homeowner $1k per year in increased premiums. Let's put an end to it.
FAQ
What is your current funding status?
We are currently raising a pre-seed round to expand operations.
What market opportunity are you addressing?
We are targeting the $800B US property insurance industry plagued by $45B+ in annual fraudulent claims.
What is your go-to-market and expansion strategy?
We plan to partner with major insurance carriers to provide data and analytics services on a subscription model, beginning in hurricane-prone states.
How do your drones and AI technology work?
Our proprietary technical infrastructure enables mass fleet operation orchestrating precision drone roof inspections across entire regions. We utilize specialized commercial drones and custom flight routing to systematically canvas metropolitan areas. Our architecture supports automated imagery pipelines for rapid cloud-based upload and analysis of the high-fidelity visual data captured citywide. Over time, as our historical image dataset grows exponentially, we will leverage this immense asset through rigorous R&D focused on training innovative deep learning models. These AI systems will empower new applications – from hyperaccurate real-time risk detection to instant claims assessment and processing. Our drones provide the critical visual inputs while our AI solutions unlock the transformational intelligence potential.
Why focus on roof inspections as the first addition to your historical database?
We zero in on comprehensive roof scans because they provide immense utility for multiple insurance use cases while addressing a major financial fraud issue. Particularly in regions like Florida with heavy storm activity, a vast portion of large damage claims get incorrectly categorized by bad actors as wind-based roof losses when filing for reimbursement. Without pre-storm visual evidence, inflated payouts have cost billions.
Our precise documentation of pre-existing wear and tear across entire cities enables insurers to irrefutably establish the real timeline of roof decay. Any suspect claims alleging sudden new storm damages get easily disproven through comparison to our dated baseline scans. This directly cuts down fraudulent overpayments, while also informing wiser underwriting and emergence of future risks as roofs visibly degrade over time within our archive. We capture immense value for clients through roof-focused inspections as the initial imagery offering in our broader property solutions roadmap.
Additionally, this growing foundation of roof scans serves as the springboard to transform insurance practices through future AI innovations. By amassing an unparalleled historical archive tracking property conditions over time, we establish a proprietary data asset enabling our models to deliver a competitive advantage no other solution can match. As machine learning algorithms perform automated risk analysis, claims estimation, customer intelligence and more, our imagery database represents an invaluable head start – the initial foothold powering a multifaceted suite of paradigm-shifting insurance products powered by data. With immense present and future utility, comprehensive roof inspections represent both a sensible beginning and a strategic priority in our expanding insurance data roadmap.
What due diligence have you performed on the market need?
We have worked closely with several insurance industry experts and former executives who have helped validate and shape our solution. These advisors span key roles - from claims adjusters to asset managers - giving us invaluable insider perspective. We have also conducted in-depth proprietary research into decades of storm damage data, fraudulent claim statistics, and policyholder premium increases establishing a clear pattern. Between insider guidance and internal analysis of empirical data, we have diligently validated urgent demand for pre-event visual documentation to curb inflation/fraud and better understand risk.