Post Catastrophe Imagery and AI-derived property damage and condition data unite to help insurers process customer claims more efficiently.
To survive and succeed in today’s disaster-challenged world, insurers need to constantly navigate business-critical decisions to maintain profitable growth. Advanced technology – Insurtec – is helping insurers respond more quickly and more effectively, through current, verified data at a property level.
But the challenge has always been how to embed these mega-sized, multi-source datasets into internal insurance systems without stalling processes or compromising customer service.
The data available today is unprecedented, and the ‘status quo’ way of working doesn’t cut it when customers demand personalised, seamless experiences and flexible coverage options.
Global insurance companies are moving from “repair and replace” to a “predict and prevent” mindset as assessors, underwriters, adjusters and inspectors rely on reliable data.
While Nearmap has been providing insurers with frequently updated high-resolution aerial imagery and AI data for more than 15 years, our capacity recently expanded by combining forces with Betterview.
Now, with the added capabilities of data analytics, AI risk modelling scores, and improved catastrophe response through greater data awareness, Nearmap provides a transformative single-source insurance location intelligence solution.
Working on an integrated SaaS-based Insurtec platform with Nearmap, insurers can access pre-processed property insights workbench for underwriting, claims, inspections and assessments – for actionable intelligence on the end-to-end policy lifecycle from first notice of loss (FNOL) to closing a claim.
Our Flagging feature enables straight-through processing of low-risk policies, so insurers can dedicate time to higher-risk policies. The ability to automatically detect changes over time streamlines renewal decisions and eliminates or minimises the need for physical inspections.
With property intelligence AI attributes extracted from more than 100 AI data layers, insurers can more easily proactively manage risk, increase quoting speed and accuracy, optimise underwriting, enhance property risk mitigation, and expedite claims –reducing the need for on-site property inspections.
With Nearmap, you can access pre- and post-event data to understand and estimate risk exposure, gain automated damage analysis, and inspect remotely after an event, improve CAT (catastrophic loss) outcomes, for customers, and your business.
Our team is ready to help, so do get in touch if you have any questions. In the meantime, I recommend watching the webinar replay via the link below, for a more in-depth look at the Nearmap-Betterview capabilities.
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