- Mapizy has a big vision for insurance
- Set up in 2014, the company unlocks aerial imagery using AI
- $100K grant to develop the tech, and chance to win $1M more
The Business Research and Innovation Initiative (BRII) was established by the federal government and was announced as part of the National Innovation and Science Agenda, with funding commencing 1 July 2016.
Established with the slogan of ‘Helping millions to make better decisions’ in 2014, local startup Mapizy has worked to transform manual geospatial data generation using the power of AI.
Along way, MapIzy’s newly release property analytics platform has been designed to serve the insurance, finance, and real estate markets.
“Mapizy unlocks the power of AI and aerial imagery for insurance carriers,” said Dr Mehdi Ravanbakhsh, Mapizy founder and director.
“Our property analytics platform combines current building attributes with change analytics and risk factors allowing insurers to better assess properties, underwrite more accurately and achieve customer base growth.”
DR MEHDI RAVANBAKHSH
Using the Mapizy analytics platform, insurance businesses can access the latest property information and make better decisions in various insurance processes from underwriting and quoting through to renewal and claim assessment. The newly released geospatial analytics platform will be insurance tools that quantify property value and risks.
Recently, Mapizy has been through the highly competitive BRII grant process, working on a project to count fish using advanced technologies. In this, they work with leading marine biologists from the Australian Institute of Marine Science (AIMS) to solve one of the difficult challenges in marine biology, which is currently done manually. They believe MapIzy’s AI tech solution will play a fundamental role in marine species preservation by monitoring the changes in their number, appearance, and movements.
The $100K grant was givein to four companies chosen among 250 applications. Two of the four will be funded for a further $1M each, depending who has the most compelling feasibility study. The $1M will to work with AIMS to develop a functional prototype.
“This initiative is giving Australian businesses with clever ideas the opportunity to develop them further, with the potential of creating products that will benefit the community and the Australian economy,” Industry Minister Karen Andrews said in a statement.
“Government agencies will have the option to purchase any of the developed products, which have been specifically tailored to meet national challenges.
“We had a record 220 applications for this BRII round, showing how competitive the process is – and competition produces results.”
