Project: Artificial intelligence in real estate for modelling risks

Description: This project is expected to develop digital twins for the real estate markets for all properties across Cyprus. CYENS’ geospatial and geo-analytics services will join forces with WIRE FS property valuation technology platform, to bring innovative digital tools to insurance and financial sectors.

“It is a great momentum in the history of real estate, when large-scale earth observation technologies and AI allow to valorize the real estate market more completely, more effectively, more reliably and more realistically, considering environmental risks and embracing climatic changes and their impact on properties“

Geo-analytics is about the use of location-based information in analyses for contextual awareness and situational understanding. By incorporating geo-location and other spatial details, businesses can gain a broader understanding of big data scattered in physical space and time, uncovering new insights and new efficiencies. The use of geo-analytics enables comparisons among different locations and may be used to identify trends and patterns, both locally and regionally. Geo-analytics is usually combined with artificial intelligence and computer vision, to perform high-resolution land cover mapping and identify land use changes.

Through the partnership, CYENS will contribute with highly skilled researchers in the machine and deep learning, satellite imagery, geospatial analysis and Geographical Information Systems (GIS) domains, collaborating with the expert technical team at WIRE Services, with the ambitious common goal of developing digital twins of all properties on the island. Both parties will combine and bring together their technical expertise and domain knowledge, in an effort to develop a publicly available application programming interface that provides automated, highly-accurate property evaluations, which have the potential to revolutionize the industry by reducing time and human cost on property evaluations, considering potential risks coming from natural and/or man-made disasters.

For the SuPerWorld group of CYENS, its geo-Analytics, AI-empowered Data-as-a-Service (GEO-AI-DaaS) solution supports a pivotal moment in the evolution of property evaluation by expanding the ability to target and verify the structural parameters of the buildings, changes of the land use and proximity to amenities and other points of interest, to provide meaningful and accurate risk scores and building quality ranking at scale. WIRE FS will leverage the SuPerWorld/CYENS AI-empowered geo-analytics platform to advance the property insurance and related financial services in Cyprus, enabling significant increases in accuracy and efficiency of relevant decision-making processes.

The SuPerWorld Geo-API and its services are listed here .

Collaboration with: WIRE-FS real estate asset management and advisory firm

Techniques used: Satellite imagery, Deep learning, GIS and geospatial analysis, Modelling, Machine Learning.

Started: January, 2022

Status: On-going