March 30, 2023

RHS 175 - Izik Lavy on How Property Data is Changing Property Insurance

44 minutes

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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.

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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

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By Ryan Hanley, Bleav

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