Powering precision pricing for every property
Aug 2025
Aug 2025
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In today’s volatile risk environment, pricing insurance policies based on historical averages is no longer enough. Carriers that want to remain competitive—and profitable—must evolve from one-size-fits-all pricing to personalized, precision underwriting. That shift starts with a deeper understanding of the properties they insure.
It’s a transition already underway. From suburban roofs battered by increasingly frequent tornadoes and hurricanes to homes in wildfire zones facing tighter mitigation expectations, underwriters need a real-time, property-specific view of risk. With the right data and tools, this challenge becomes an opportunity: to match price to risk, reduce loss ratios, and deliver better customer experiences.
Why precision underwriting can’t wait
Across the U.S., insurers are grappling with record-setting catastrophe losses. In 2024 alone, one major carrier processed nearly one million catastrophe claims—the highest count in over a decade.
Even with strong premium growth across the industry, profitability remains a challenge—particularly in homeowners lines that continue to feel the impact of increasingly frequent and severe weather events. Carriers are being tested by heightened volatility, shifting risk dynamics, and escalating claims volumes that are eroding margins.
These pressures highlight a growing reality: expanding a book of business is no longer enough. To remain competitive and financially resilient, insurers must embrace a more sophisticated approach to underwriting. Precision pricing is quickly becoming a foundational requirement for long-term stability and sustainable growth.
Supporting the “Price & Ease” imperative
Many insurers are actively working to speed and improve accuracy of quotes, reduce friction, and increase fairness—all while facing greater scrutiny from regulators and customers alike. The “price and ease” imperative for profitable growth requires aligning premiums to actual risk while maintaining a seamless, customer-friendly experience.
Nearmap helps carriers deliver on that promise.
By combining high-resolution aerial imagery with AI-driven property intelligence through the Betterview platform, carriers can now access accurate, up-to-date insights into every property in their book. That includes key risk factors like:
- Roof characteristics, condition, age, and material
- Wildfire defensible space, vegetation overgrowth and debris
- Hail-prone roof indicators and storm damage signatures
- Property modifications and outbuilding detection
- Evidence of neglect or vacancy
By combining high-resolution aerial imagery with AI-driven property intelligence through the Betterview platform, carriers can now access accurate, up-to-date insights into every property in their book. That includes key risk factors like:
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Roof characteristics, condition, age, and material
Wildfire defensible space, vegetation overgrowth and debris
Hail-prone roof indicators and storm damage signatures
Property modifications and outbuilding detection
Evidence of neglect or vacancy
These insights can be integrated directly into rating engines and underwriting workflows, supporting faster quote-to-bind cycles, improved segmentation, and dynamic pricing strategies. No more relying solely on manual inspections, customer declarations, or outdated satellite data.
From risk signals to risk strategy
Precision underwriting isn’t just about identifying risk—it’s about managing it intelligently across the policy lifecycle.
- At quoting, carriers can instantly verify roof condition, property hazards and risk features to ensure accurate premiums.
- At renewal, AI-powered change detection flags properties with new hazards or deterioration.
- At portfolio level, insurers can visualize geographic concentrations of risk and optimize their mix accordingly.
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The result? Improved risk avoidance and precision pricing by underwriters means fewer surprises at time of claim, lower loss adjustment expenses, and measurable improvements in combined ratio. Some carriers have already reported inspection cost reductions of 64%, alongside faster triage and better risk alignment.
Building trust and transparency
Today’s policyholders are increasingly skeptical and fearful of rate hikes—especially in disaster-prone regions. Regulators, too, are demanding greater transparency and defensibility in how rates are calculated.
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By leveraging up-to-date aerial imagery and AI-derived risk assessments, insurers gain a transparent, auditable foundation for every pricing decision. Visual evidence builds trust with policyholders while helping carriers justify rate filings and meet compliance standards.
In this way, property intelligence isn’t just a tool for internal efficiency—it’s a bridge to stronger relationships with regulators and communities.
Insurance with impact
At its core, insurance is about being there when customers need it most. But in an era of mounting risk, the role of the insurer is expanding—toward prevention, preparedness, and partnership.
Nearmap supports that evolution. By providing proactive insights—like identifying vulnerable roofs before hail season or mapping vegetation encroachment in wildfire zones—insurers can help policyholders reduce their risk before disaster strikes. That means fewer claims, better experiences, and more resilient communities.
It’s not just about underwriting smarter—it’s about being a better neighbor.
Conclusion: From price to precision
The future of underwriting is personalized, predictive, and powered by AI. As weather volatility accelerates and customer expectations evolve, the ability to price fairly and act fast for every property will define the next generation of insurance leaders.
Those who adopt the tools to see every risk clearly—down to the rooftop—will not only reduce losses and improve performance. They’ll lead a shift toward smarter, fairer, more responsive insurance for all.
Let’s connect on a smarter approach to risk
Nearmap is already supporting State Farm’s claims operations with post-catastrophe aerial imagery, and AI for roof claims inspections. We’d welcome the opportunity to expand that relationship and explore how the Betterview platform can help your underwriting and pricing teams.
Let’s schedule a conversation with your team to share how we can complement State Farm’s current AI and risk initiatives—while helping deliver on your long-term goals of resilience, affordability, and customer trust.