Precisely Empowers Generali Real Estate to Drive AI Innovation with Trusted Data

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Precisely Points of Interest data helps fuel groundbreaking City Forward® technology, transforming real estate with artificial intelligence

BURLINGTON, Mass., May 23, 2024 /PRNewswire/ -- Precisely, the global leader in data integrity, today announced that Generali Real Estate, one of the world's leading real estate asset managers, relies on Precisely for its unparalleled data enrichment expertise. Precisely Points of Interest (POI) data helps Generali Real Estate unlock greater context from location data and fuel artificial intelligence (AI) advancements transforming the real estate market.

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 precise investment strategies. Standard real estate metrics often do not reveal the reason for significant variances in the value of different assets, even when very similar assets are located only within a few streets of each other. In fact, the team discovered that as much as 60% change in value, observed over a seven-year period, could not be explained without additional data inputs.

To address these challenges, Generali Real Estate developed City Forward®, an innovative cloud-based location intelligence platform for real estate investment managers to make smarter decisions powered by highly accurate AI-driven insights. To achieve this at scale throughout Europe required navigating the changing and diverse characteristics of different cities while maintaining maximum levels of data integrity.

City Forward leverages Precisely Points of Interest data, alongside data from other third-party providers, to deliver comprehensive information on business locations, leisure hot spots, and other geographic features - revealing hidden insights on real estate assets. Precisely POI data is also uniquely geocoded leveraging the Precisely portfolio of market-leading geo addressing solutions, ensuring customers are equipped with the most accurate location and address information possible.

"Ultimately, without data context, there is no such thing as AI in the field of location intelligence," said Costanza Balboni Cestelli, Head of Data Intelligence and Innovation at Generali Real Estate. "Precisely provides us with access to accurate, consistent, and contextual enrichment data that helps power our AI/ML models in a way that is both scalable and reliable."

The City Forward platform uses over 800 variables and 30 different AI/ML models to deliver intelligence for investment analysis and real estate valuation, including sustainability considerations such as carbon emissions and climate action. Insights from Precisely POI data also help power the platform for a broader range of important uses, including retail site selection, urban planning, geo-targeted marketing, and more.

Research shows that 94% of business leaders agree AI is critical to success over the next five years, but despite this, 4% of leaders believe their data is not AI-ready. It highlights a concerning disconnect between the growing rates of AI adoption and levels of confidence in the data feeding the models behind it.

"For trusted AI, you need data integrity, and that means ensuring the accuracy, consistency, and context of the data fueling AI models," said Tendü Yoğurtçu, PhD, Chief Technology Officer at Precisely. "To ensure trusted business decisions powered by AI, it's crucial for organizations to be able to integrate data at the speed it's needed, understand and govern its responsible use, observe and improve its quality, and enrich it for maximum context."

Precisely offers a unique combination of software, data, and data strategy services to help businesses worldwide leverage trusted data for advanced analytics and AI initiatives. The company's comprehensive data enrichment portfolio contains over 400 datasets and more than 9000 attributes, including POI datasets, to help customers unlock the true potential of their data.

Learn more about the importance of data integrity for trustworthy AI outcomes or register for the upcoming Predictive Powerhouse: Elevating AI Accuracy and Relevance with Third-Party Data webinar being hosted in partnership with the Generali Real Estate team.

About Generali Real Estate

Generali Real Estate S.p.A. is one of the world's leading real estate asset managers with around €37.4 billion of assets under management as of end of 2023. It leverages the expertise of more than 370 professionals, with operating units located in the main European cities.

The company's integrated business model covers the full scope of asset management activities and the entire real estate value chain. A series of cross-border investment vehicles, managed by the specialized asset manager Generali Real Estate S.p.A. Società di gestione del risparmio, aims to create long-term value for investors with a core/core +profile by investing in assets characterized by good locations, high liquidity and strong underlying leasing dynamics. The portfolio under management comprises a unique mix of historical and modern properties, ranging from landmark buildings to new architectural masterpieces, which has enabled the company to develop best-in-class skills in the fields of sustainability, urban development and technological innovation.

Generali Real Estate is part of the Generali Investments ecosystem of asset management firms. Learn more at www.generalirealestate.com.

About Precisely
Precisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 99 of the Fortune 100. Precisely's data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.

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SOURCE Precisely