ITC DIA Europe

credium: Nationwide, address-accurate and high-quality building verification on-demand

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 15, 2022

Insurance companies always had to rely on collecting, processing, and evaluating crucial information to price and allocate risks. Smart enterprises in the insurance industry are leveraging all available data to improve internal processes and ultimately optimise the customer experience. Moving away from manual, slow, costly, error-prone processing of building or property information to digitized building analytics that is available on-demand for insurers across the entire value chain.

For property insurers, geospatial analytics has the potential to drastically improve property data collection with regards to costs, time, and accuracy. Potentially, this impacts the entire value chain from the point of sale, underwriting, claims, and fraud detection. credium develops a solution that enables highly automated and digitized processes in property insurance.

credium offers high-detail 3D building and property data with value- and risk-explaining features to digitize building verification processes. This data and analytics are provided on demand and instantly, nationwide and at low marginal costs. At the moment nationwide means Germany, but it will soon expand to other European countries.

credium works with primary insurers as well as re-insurers, which leads to benefits like an improved customer experience in buying insurance by providing data on-demand or validating user input. This validation of data quality can also be done in existing customer portfolios to detect any changes over time. In addition, insurers can use the data to identify the cross-selling potential and analyse the ‘energy efficiency potential’ of buildings and portfolios

How does it work?

credium offers a wide range of information on a specific property and its surroundings via a web interface (API) using an address or geo coordinates. For this purpose, 3D point clouds (LiDAR), aerial imagery (satellite or orthophotos), land registry data, cartographic data, and socio-economic statistics are processed in the background.

For example, its geospatial artificial intelligence determines the surface area of facades, windows, and roofs, usable and living space, number of floors, building function, building age class, existence of swimming pools, photovoltaic systems, and many other characteristics.

credium mostly relies on nationwide official data sources by the State Survey Offices for which there are no restrictions under data protection law. Since credium provides the data on-demand, it can be used in highly automated customer processes.

Why did we select credium to present at DIA Munich 2022?

credium leverages the opportunities that AI/Machine learning bring.

Moreover, they step right into the trend for ESG analysis while focusing specifically on buildings. All of this adds to an improved digital customer experience.

At DIA Munich, Dr. Timm Tränkler, CEO will present its geospatial AI solution for insurers. He will explain the benefits, the options and show how it works in a demo.

Who is credium?

credium is an AI-start-up and Fraunhofer-spinoff in the field of geospatial analytics founded in 2020. The company is based on years of Fraunhofer research and aim to transfer scientific research in the field of AI and building analysis into practice.

It employs an interdisciplinary team of 15 people. It currently focuses on Germany but will soon extend to other European countries.

credium has been awarded as “Digital Start-up of the Year 2021” by the Germany Federal Ministry for Economic Affairs and Climate Action

credium provides best in class building and property information to digitize building verification processes

Dr. Timm Tränkler, CEO credium
Amsterdam 12-13 June


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