Revolutionizing the Insurtech Landscape: Busy Cummings from CAPE Analytics
Walking the expo floor at InsureTech Connect Vegas, the world’s largest insurance conference, it was clear that CAPE Analytics Analytics was a crowd magnet.
In a quick ten-minute break amid a full agenda, I caught up with Busy Cummings , their Chief Revenue Officer, who shared his insights on CAPE’s unique role in the evolving insurtech landscape, the future of property intelligence, and his secrets to maintaining high energy throughout a demanding week in Vegas.
Kate: Busy, as Chief Revenue Officer, what’s your primary focus at CAPE Analytics, and how is the company impacting the insurance industry?
Busy: I lead our efforts in new client acquisition, client success, and marketing at CAPE. We're revolutionizing property insurance by providing intelligence solutions that come from high-resolution aerial imagery and a variety of other data sources. We're not just an imagery analytics company; we're multi-modal, providing critical insights like liveable square footage, crucial for precise risk and coverage assessments.
?
Kate: You seem particularly enthusiastic about the automation in commercial insurance lines. Can you elaborate on this shift and its significance?
Busy: Absolutely. The momentum in commercial lines towards data-forward and automated processes is what’s driving change in the industry. The move away from traditional, slower workflows has really picked up speed in small commercial and BOP space. What’s exciting is the potential for this trend to reshape mid-market and even large commercial segments, which will drastically cut down on delays and inefficiencies.
?
Kate: Legacy systems pose a significant challenge in the industry. Could you delve deeper into the implications for carriers trying to modernize?
Busy: The challenge with legacy systems is more about the scale and complexity of transformation. Carriers are ready and willing to modernize, but these systems are deeply entrenched, and transitioning is a monumental task. It’s a journey of years, where the desire for change must be matched by a commitment to the long-term process.
?
Kate: What makes CAPE Analytics a must-have for insurers?
Busy: Choosing CAPE means choosing enhanced underwriting automation. It means accurate insights for the right risk-taking and precise pricing. Consider liveable square footage: the market often gets it meaningfully wrong about 10-15% of the time, leading to significant underinsurance. We correct that, ensuring premiums reflect the true value of the property.
?
Kate: How does CAPE’s data facilitate more personalized insurance solutions?
Busy: Our insights allows for pinpoint risk segmentation, meaning insurers can avoid unnecessary risks and inspections. This leads to better-customized policies for the insured, as insurers can better understand and segment risk, and ultimately provide more bespoke insurance solutions.
Kate: What’s on the horizon for CAPE??
Busy: We're transitioning to provide even more granular details about properties, moving from the exterior to the interior. We're looking to enhance our property insights to ensure coverage is as accurate as possible.
We’re also exploring signals relevant to auto insurance and workers comp. There’s potential in understanding property conditions and how this might relate to auto insurance risks or employee exposures and safety programs. For example, correlating the condition of a property with the home or business owner's behavior could open up new avenues for underwriting and pricing.
Kate: Travel is a big part of your role. What essentials do you pack to stay at the top of your game during conferences?
Busy: I always carry a water bottle to stay hydrated. Kind bars keep my energy levels up, and most importantly, I mentally prepare for intense days with a packed meeting schedule and little sleep!
?
?