Insurtech Gateway Australia has announced it is working with Brisbane-based spatial solutions firm Geolocarta.

Geolocarta marks the third portfolio company for the Gateway, following previous announcements on digital tax audit insurance provider Auditcover and pay-per-kilometre specialist Koba.

Gateway CEO Simon O’Dell told insuranceNEWS.com.au Geolocarta has created a marketplace connecting geospatial data professionals to corporate consumers, including insurers “seeking to close the gap between reality and their abstract understanding of reality”.

“In a world first, property characteristic data offered through the Geolocarta platform is produced by professionals qualified in the craft of geospatial measurement and analysis,” he said.

“Geolocarta's platform is designed to plug directly into insurers' existing workflows via a single API, providing the highest fidelity, most frequently updated and comprehensive coverage of Australia.

“For the user experience, there is no longer a need for the consumer to provide, check or even see the data that informs their quote. Rather, after entering their address, the consumer only needs to see the coverage offered and the premium.”

Mr O’Dell says the “technology breakthrough” will be particularly valuable in meeting changing duty of disclosure requirements.

“In addition to the enhanced user experience; with a highly accurate, digitised reference of reality, Geolocarta will give insurers the ability to discover new predictive data, new relationships between attributes and risk,” he said.