September 20, 2023 – Toronto – Today, Ecopia AI (Ecopia) is thrilled to announce its recognition by FinTech Global as one of the world’s most innovative InsurTech companies. For the second time in three years, Ecopia has been named to the InsurTech100 list along with other leading technology companies developing next generation solutions for insurers.
Every year, the InsurTech100 list is compiled to showcase the most innovative InsurTech solution offerings available to carriers as they develop their digital transformation strategies. After careful research by a panel of industry experts and analysts, only the top 100 companies out of over 1,900 contenders are selected for inclusion on this prestigious list.
The following criteria are evaluated for inclusion in the InsurTech100 list:
- Industry significance of the problem being solved;
- Growth, in terms of capital raised, revenue and customer traction;
- Innovation of technology solution;
- Potential cost savings, efficiency improvement, impact on the value chain and/or revenue enhancements generated for clients; and
- The importance of insurance executives knowing about this solution.
More specifically, Ecopia was selected for its demonstrated innovation in property data and analytics that empowers P&C decision-makers. Since being named to the InsurTech100 in 2020 for developing the first and only complete map of buildings in the United States, Ecopia has continued to create a digital source of truth for the physical world that insurers can rely on for a wide range of use cases.
Ecopia’s Building-Based Geocoding enables P&C carriers to underwrite policies accurately, optimize reinsurance strategies, and respond to claims effectively. The company’s artificial intelligence (AI)-based mapping systems not only extract comprehensive, precise, and up-to-date building footprints at scale, but also append detailed property information that can be joined and analyzed with other datasets using a robust system of unique identifiers representing the parcel, structures, and primary and secondary addresses. This offering currently powers next generation insurance analytics for carriers and reinsurers across the US.
“The InsurTech100 evaluation panel was once again impressed with the innovation Ecopia has driven in the insurance industry,” said Richard Sachar, Director of FinTech Global. “Ecopia’s proven commitment to providing insurers with high-precision property intelligence is evidenced by their growing list of customers, as well as their continued innovation and mastery of AI for geospatial data creation.”
“Ecopia is honored to be named to the InsurTech100 for the second time,” said Ecopia President and Co-founder Jon Lipinski. “We are on a mission to create a digital twin of the Earth to solve some of the world’s most complex challenges, including the increased frequency and intensity of extreme climate events. It’s great to be recognized for our work to empower insurers with the geospatial insights and master data management capabilities they need to remain resilient and competitive, growing their books of business amidst increased climate risks.”
Learn more about the InsurTech100 here.
For more information on Ecopia, click here. To view our HD map samples, click here.
About the InsurTech100
The InsurTech100 is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts and analysts. These are the companies every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies. The previous InsurTech100 lists received widespread attention. Companies that won places on the lists generated huge awareness among insurance firms and the wider insurance community. Many were approached directly by financial institutions while others got a more welcome reception from prospective clients and partners. The list has been updated for 2023 to recognise the next-generation of solution providers shaping the future of the insurance industry. The list will help senior management and insurance professionals evaluate which digital insurance models have market potential and are most likely to succeed and have a lasting impact on the industry.
About Ecopia AI
Ecopia is on a mission to create a digital twin of the Earth. We leverage artificial intelligence to convert high-resolution imagery into high-definition (HD) vector maps. These maps form a digital representation of reality and are embedded into decision-making applications, offering unique insight at scale. Ecopia’s HD vector maps are leveraged for hundreds of commercial and government applications across over 100 countries around the world.