Generali Real Estate Leverages AI and Machine Learning to Inform Investment Strategies
Generali Real Estate is one of the world’s leading real estate asset managers.
When Generali Real Estate became one of the first real estate asset managers to establish a dedicated division for AI and machine learning (ML) innovation, its first task was to disrupt the traditional decision-making processes that usually inform investment strategies.
For example, standard real estate metrics often don’t reveal the reason for significant variances in the value of assets, even when similar assets are only within a few streets of each other. The team discovered that as much as a 60 percent change in value, observed over seven years, could not be explained using classic real estate metrics such as prime rent or capital value.
To address these challenges, Generali Real Estate developed City Forward®, an innovative cloud-based location intelligence platform that helps real estate professionals and others make smarter decisions powered by highly accurate AI-driven insights.
“We wanted to use alternative forms of data, especially spatial data, to address these problems,” says Costanza Balboni Cestelli, Head of Data Intelligence & Innovation for Generali Real Estate. “Ultimately, without data context, there is no such thing as AI in the field of location intelligence.”
Data scientists for City Forward needed to feed the ML models, but they faced challenges, including:
Standardizing data coming from different data sources
Verifying the accuracy of the data
Feeding data to ML models with maximum accuracy and consistency
Enriching in-house data with accurate third-party data to feed models and provide lift
The City Forward team wanted to balance global and local data sources and ensure consistency, quality, and scalability when looking at data providers. “We wanted to speak with the best provider of this type of data, and we knew Precisely was a leader in the location intelligence and data enrichment market,” she says.
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