From claim validation to policy renewal, up-to-date aerial maps from Nearmap can help you to streamline every stage of the Insurance policy lifecycle. We chatted with Eric Eckert, Director, Insurance Practice at Nearmap to hear the benefits of premium, high-res aerial imagery for insurers.
See first-hand some recent captures from bushfires in Western Australia, part of our official post-catastrophe program which provides access to high-resolution imagery within days following extreme weather events.
The core thing that all carriers are looking for is to make a decision. A decision has to be made based on your best efforts to understand the truth and in Nearmap’s case, the truth on the ground.
Nearmap can show insurers what is happening with a property now, and what has historically happened, tracking change in near real-time. From imagery to location intelligence to post-event data following a catastrophe, Nearmap covers the full spectrum of data that insurers need. This data has relevance across every stage of the policy lifecycle.
Well, insights from our data help those in quoting, underwriting, claims management, post-catastrophe management, risk modeling and pricing. Essentially, the data Nearmap offers has application across the whole lifecycle.
Those focused on repair and rebuild can leverage our data, even down to a recent customer in marketing, who was attempting to determine the correct audience for marketing a policy. We have the current property intelligence all insurers need. If an insurer doesn't want to underwrite a property with a trampoline, swimming pool or solar panel, we can show them properties that meet that risk profile with our AI image data layers, saving a lot of time on physical inspections.
I refer back to the truth on the ground. There is a difference between the truth offered by these two imagery types. Think of the imagery marketplace as an inverted wedding cake, the top is satellite imagery, where yes - coverage is pretty broad and you may be able see your property with no problem, but with traditional satellite providers the quality levels are lower and images are blurry.
The fine details are critical, especially for an insurer so they can do things like measure roof pitch and area. Go further down in this inverted cake and you’ll find the sweet spot in the aerial imagery space. Where satellite offers imagery at a 20-50cm resolution, allowing me to see a house, Nearmap’s 5.5cm resolution allows me to count the number of tiles on the roof of that house.
If you’re trying to understand the condition of the property, aerial imagery lends us a fine grain over our friends in the satellite space.
The drones are at the bottom of the cake. Drone resolution is even more fine grain than aerial imagery, but the big difference between us and drone is coverage. Coverage for a drone is wherever they fly it. The resolution will be amazing, however you won’t find great coverage. The pilot will capture wherever paid to do so as a drone is hired for a single point in time analysis.
At Nearmap, we update our imagery frequently, capturing major areas across Australia up to 6 times per year, North America up to 3 times per year and multiple times across New Zealand, too.
An enterprise-grade solution provides the reliable partnership insurers require. From scaling to their needs to providing the always-on, always-functional access to the most important property insights.
One thing that comes up with clients is coverage, but not just coverage, the timeliness of the coverage. We’ve been collecting data since 2007 in Australia, so you could literally go to a major city where we collect up to 6 times a year and see up an abundance of captures. Also, finding change over time involved with any particular property.
Other providers won’t give you that rich library of imagery and the ability to understand change over time as it lacks frequency. You may find something less than a year old, but it’s not guaranteed. Our customers are in the quest to find the truth on the ground. They find that with Nearmap.