Hosta a.i. Named to Guidewire Insurtech Vanguards Program

Rhea-AI Summary

Hosta a.i. has joined Guidewire's Insurtech Vanguards program, enabling insurers to utilize advanced technology for efficient property assessments. This innovation aims to reduce the average $350 cost per claim and improve customer satisfaction by allowing claimants to submit property photos for analysis. With no special equipment required, Hosta a.i. enables rapid claims processing while minimizing the need for onsite visits. The partnership is positioned to enhance operational efficiency for insurers, accommodating increasing claims volumes in a post-pandemic landscape.

Positive

• Joined Guidewire's Insurtech Vanguards program to enhance claims processing.
• Reduces average claim assessment costs of $350.
• Allows for faster claims resolution using just 4-8 photos.
• No special equipment needed, leveraging existing smartphone technology.

Negative

• None.

Hosta a.i. makes everyone an expert in property assessment through simple image capture

BOSTON--(BUSINESS WIRE)-- Hosta a.i., one of the most advanced solutions for automated property assessments, announced it has joined Guidewire’s Insurtech Vanguards program, a new initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them.

Hosta a.i.'s virtual desk adjustment at First Notice of Loss (FNOL) complements Guidewire ClaimCenter, enabling carriers to complete claims more efficiently than ever before. Hosta a.i. solves a meaningful problem in the market for carriers — the cost and hassle of onsite adjusting — building cutting-edge technology to decrease cost while increasing customer satisfaction.

Currently, sending adjusters onsite is expensive and time-consuming, costing carriers an average of $350 per claim, and over a billion dollars in costs per year for carriers just in the United States. This cost is compounded and complicated by the increased likelihood of incorrect data from human-powered analysis, the inevitable consequence of manual data collection.

Moreover, the global pandemic taught carriers that a shift to virtual desk adjustments is preferable to the policyholder. Customers prefer on-demand self-service tools that empower them to take their property into their own hands, at their convenience. Hosta a.i. sits at the intersection of these two market forces, laying the groundwork for a bold new future in claims adjusting.

Last year Hosta a.i. launched their new AI-powered automated property assessment solution that enables insurers to access detailed measurements, context, materials, and sketches from just a few photos uploaded by the homeowner. Hosta a.i. is differentiated in the market because there is no app or special equipment required—any smartphone can be used. With 4-8 photos uploaded to Hosta’s website, Hosta a.i. can extract and compile all the data an adjuster requires to estimate interior damages.

Hosta a.i. can be added to Guidewire’s automated claims segmentation workflow at FNOL. Using Hosta a.i. is simple. First, adjusters can send an email or text message request through Guidewire for policyholders to capture their interiors. Once the policyholder receives the e-mail, they will be able to complete their claim by submitting 4-8 photos per room. Within an instance, the Hosta a.i. Assessment Platform provides the adjustor with detailed property data, including a floor plan, material take-offs, appliances, elevation drawings and annotated images. Based on the data, the adjuster can evaluate whether the claim can be desk-adjusted or requires an onsite expert.

Guidewire launched the Insurtech Vanguards program to help insurers learn about the hottest-new insurtechs in the market. With the addition of Hosta’s technology, insurers can now accelerate processing property damage claims without ever having to send someone onsite for a property assessment.

“Our mission at Guidewire has always been to innovate and solve our client’s toughest challenges, which have gotten more complex due to the pandemic, climate change, and inflation,” said Laura Drabik, chief evangelist at Guidewire. “Adding Hosta a.i. to our Insurtech Vanguards program gives our insurance clients access to a fast, simple, and accurate way to assess property claims remotely, so assessors can handle more claims with the same effort.”

“We’re thrilled to join the Insurtech Vanguards program,” said Henriette Fleischmann, COO of Hosta a.i. “We want to help the industry settle a claim within a day, help policyholders feel safe quickly, and enable adjusters to handle higher claim volumes.”

About Hosta a.i.

Established in 2020, Hosta a.i. is on a mission to empower people and businesses with fast, accessible and trusted information about their built surroundings. Hosta helps companies that need fast and accurate data within built environments accelerate their businesses with remote and automated property assessments. The Hosta A.I. Assessment Platform uses patent-pending A.I. spatial and material analysis to automate property assessments from just 4-8 photos from any camera. To learn more about Hosta please visit www.hosta.ai.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220407005225/en/

Hosta a.i. Media Relations

Alyson Austin

alyson@gaffneyaustin.com

(949) 403-0484

Source: Hosta a.i.

FAQ

What is the significance of Hosta a.i. joining Guidewire's Insurtech Vanguards program?

Joining the Insurtech Vanguards program positions Hosta a.i. to help insurers leverage advanced technology for more efficient property assessments and claims processing.

How does Hosta a.i. improve claims processing for insurers?

Hosta a.i. enables insurers to process claims faster by allowing policyholders to submit property photos remotely, reducing the need for onsite adjusters.

What technology does Hosta a.i. use for property assessments?

Hosta a.i. employs AI-powered automated property assessment technology that analyzes data from just 4-8 photos taken by policyholders.

What are the benefits of using Hosta a.i. for insurers?

The benefits include reduced costs, faster claim resolution, and increased customer satisfaction by empowering policyholders to participate in the assessment process.

How much do insurers typically spend on onsite property assessments?

Insurers spend an average of $350 per claim for onsite property assessments, which Hosta a.i. aims to mitigate.