The power of accurate imagery and intelligence for insurers
Aug 2023
Nearmap revolutionises the way insurers access property intelligence by delivering accurate, high-value data through state-of-the-art geospatial imagery and AI.
Aug 2023
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In the modern insurance landscape, the quality, accuracy, and value of data reign supreme. Where the amount of data is in abundance for most carriers, what gives an insurer the competitive edge is the quality and accuracy of data for driving decisioning.
Why accurate data matters
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Insurers, historically, have not only leaned on their internal data but also on external data providers to gain a competitive edge. The challenge, however, doesn’t lie in accessing this external data, but in deciphering its accuracy, relevancy, and transparency.
While many imagery and data providers might offer a simple condition score, they often fall short in detailing the rationale behind that score. This lack of transparency leaves insurers with a number that has no context—making it difficult to utilise effectively in underwriting and claims processes.
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Similarly, while platforms like Google Maps are popularly accessed for geospatial imagery, they come with their own set of challenges. The capture date can be ambiguous and, at times, years old. For insurers who rely on the most recent data to make informed decisions, this outdated information can skew the understanding and assessment of risks.
The central issue isn’t just the volume of data available but its intrinsic quality. For data to be truly valuable, it should be current, transparent, and accompanied by the necessary context to inform strategic decisions in both underwriting and claims management.
The advantage of quality intelligence
Nearmap is revolutionising the way insurers access and apply property intelligence by focusing on delivering accurate, high-value data through state-of-the-art geospatial imagery and AI.
Underwriting: Nearmap imagery focuses on both precision and customer well-being. We swiftly identify potential property risks, whether it’s a deteriorating roof, a trampoline, or solar panels. This accuracy equips insurers with data for tailored risk models. Our imagery, for instance, highlights properties at risk for fire damage, assisting insurers in making vital policy decisions.
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Furthermore, a case study identifying swimming pools added to homes during COVID proved extremely beneficial for a large P&C carrier in North America. Beyond the significant $7M revenue increase without incurring additional customer acquisition costs, there’s a larger story. Recognising the presence of pools allows insurers to engage with their customers, providing them with best practices, safety protocols, and risk mitigation strategies related to pool safety. This approach ensures that, while insurers protect their bottom line, they’re also actively involved in helping customers reduce the likelihood of pool-related accidents and mishaps. We believe in empowering insurers not just with data, but with the tools to enhance the safety and security of their customers.
Quality data: A universal necessity
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Regardless of an insurer’s operational scale or existing technological stack, the quest for precise and efficient data remains paramount. Nearmap understands this pursuit and provides insurers the opportunity to harness high-resolution imagery, boasting a sub 3” resolution—a level of detail that’s impressively sharper than many traditional platforms (like satellite) but much broader in scope than similarly detailed platforms (like drones).
It’s not necessarily about replacing traditional systems or on-site visits. It’s about augmenting these processes with top-tier, accurate data. The value of such data is undeniable, especially in a fast-paced digital age where the accuracy of data can dramatically influence an insurer’s success and market adaptability.
The way forward
At Nearmap, we envision a future where the quality of decisions hinges on the quality of data at one’s disposal. Here’s a closer look at the ways quality imagery and intelligence can positively influence your workflows:
Empowering Decision-Making: More than just providing data, we offer insights. We believe that the right imagery and analytics can illuminate patterns, trends, and risks that might otherwise remain obscured. By offering insurers a clearer view of the landscapes they cover, we allow for more informed decisions, reducing the margin of error and increasing confidence in every choice you make.
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Enhancing Risk Management: In the insurance sector, understanding and mitigating risk is the cornerstone of success. Our geospatial imagery and AI-derived solutions have been crafted to provide a granular understanding of properties and landscapes, giving insurers the foresight to more accurately assess risk and tailor their policies according to their individual risk appetites. Whether it’s identifying areas prone to natural disasters or spotting individual property risks, our data aims to put insurers a step ahead of unforeseen challenges so you can evolve from a “repair and replace” model to a “predict and prevent” model.
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Amplifying Customer Satisfaction: We recognise that at the heart of every policy is a customer seeking assurance and security. By providing insurers with quality data, we enable them to respond swiftly to claims, offer more competitive policy pricing based on real risks, and proactively communicate with policyholders about potential concerns. We aim to foster a closer, more transparent relationship between insurers and their customers. Often, the customer experience is the only thing that differentiates one carrier from another.
Championing Quality Over Quantity: In a world saturated with data, what sets companies apart is not the volume but the quality of the information they possess. Our commitment is to offer data that’s not just abundant, but accurate, timely, and transparent. Nearmap provides metadata for our AI datasets alongside the underlying imagery so you always know why a property is in its current condition. It’s this focus on quality that we believe can redefine strategies, ensuring your strategies are not just comprehensive but effective.
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The future of insurance intelligence
The contemporary insurance arena demands agility, precision, and, above all, high-quality external data. With Nearmap aerial intelligence, insurers of all sizes, disciplines, and risk appetites can make informed decisions, bolster their competitive edge, and deliver on their promises to customers. The future of insurance hinges on the power of data, and with Nearmap, every insurer is able to create reliable systems and workflows based on accurate, reliable property data.