Cotality, the company formerly known as CoreLogic, is making waves with a fresh new look and innovative solutions aimed at tackling climate-related risks. This rebranding, which includes a new logo and tagline, marks a significant shift for the company as it seeks to expand its role from a mortgage-focused financial services provider to a leader in property information, data, and analytics.
Garret Gray, the president of insurance solutions at Cotality, described this new direction as bold and reflective of the changes within the company. The focus is now on understanding and addressing risks that go beyond just the physical structures of buildings, emphasizing the importance of the people who use their tools.
One of the key areas of focus for Cotality is improving wildfire risk assessments, particularly in light of recent devastating wildfires in Los Angeles. Gray highlighted the need to consider how buildings can serve as fuel sources during such disasters. This new approach to risk scoring is designed to provide better insights into how fire spreads in urban areas, something that has not been adequately addressed in the past.
Cotality is also leveraging advanced technology to enhance property assessments. They have developed tools that allow property professionals to inspect buildings, describe their observations, and capture images, all of which can then be turned into accurate estimates. This aims to reduce manual input and shift the focus back to helping policyholders.
In addition to wildfire risks, Cotality is turning its attention to hail damage, which can often go unnoticed until significant problems arise. Gray noted that damage from previous storms might not be apparent until much later, complicating insurance claims. To counter this, the company is working on a hail damage analysis tool that can differentiate between damage from recent storms and that from prior events.
Looking ahead, Cotality plans to refresh its global catastrophe peril models by June and is integrating more artificial intelligence into its estimating processes. This includes a tool that can predict the next steps in the estimating process, enhancing speed and accuracy for property professionals. They are also exploring the use of large language models to provide users with more efficient access to their data.
Overall, Cotality’s new initiatives reflect a commitment to making life easier for those in the insurance industry while addressing the growing challenges posed by climate change. The company is focused on human-centric solutions that prioritize the needs of policyholders and property professionals alike.