From imagery to insights to answers
Apr 2024
David TobiasWhy two of the industry’s leading service providers combined to create the first end-to-end remote property intelligence solution
Apr 2024
David Tobias)
What does the Nearmap acquisition of Betterview mean for the insurance industry?
I’ve spent many years in the insurance industry, starting in property inspections, and have learned firsthand how insurers’ only view of property condition was reliant on costly, time-consuming physical inspections. And with other pressures insurers face, such as inflation, climate risk, and rising reinsurance premiums, insurers need the best tools available to help them save time and money.
Nearmap, the premier provider of aerial imagery, flies regularly to provide the most recent imagery. The Betterview Property Intelligence Platform relies on imagery, but more importantly, it performs best with Nearmap. The Platform applies AI and computer vision to Nearmap imagery—and other geospatial data sources—to generate highly accurate property information for insurers. Armed with these tools, insurers are enabled throughout the policy lifecycle to increase quoting speed and accuracy, optimise underwriting efficiency, enhance property risk mitigation, and expedite claims processes.
In a past webinar, Don Weigel and myself discussed this at length. Here is a quick recap to cover the insights from that event, and how two industry-leading service providers combined to create the first end-to-end remote property intelligence solution.
Heightened decision-making speed & accuracy
Imagine a world where making fast, accurate decisions throughout the policy lifecycle isn’t just possible—it’s routine. That’s the world Nearmap is creating. Our vertically integrated technology stack isn’t just about technological prowess; it’s about stability and consistency in every decision insurers make. With access to high-resolution imagery captured as frequently as three times a year, we’re not just observing the present; we’re capturing its nuances. This capability ensures that every phase of the policy lifecycle—from quoting and rating to underwriting, renewal, and claims—is accelerated, making the process not just faster but significantly more precise.
Redefining efficiency in underwriting & inspections
Efficiency isn’t just about speed. It’s also about precision and having all the necessary data at your fingertips. Our SaaS-based analytics platform is the backbone of this new efficiency paradigm. It offers enhanced visualisations and interprets property risk with unprecedented clarity. Additionally, workflows can be customised to meet specific needs and integrated via API, Data Warehouse, and Core Systems. As a result, cumbersome underwriting and inspection processes are now streamlined without compromising on depth or quality of insight.
Elevating risk management to new heights
In the face of escalating climate risks and the unpredictable nature of natural disasters, managing property risk has never been more critical. Through the combined power of Betterview AI models and Nearmap AI stacks, we provide detailed scores across—including 100 AI attributes—for unrivaled risk identification and mitigation. Our on-demand AI processing, alongside tools like the Property Spotlight Index and DOI-approved peril scores for Wildfire, Hurricane, Hail, and Wind, empower insurers with the insights needed to make informed decisions. With additional insights, like our Roof Age tool, we’re transforming risk management for the long haul.
Transforming catastrophe response
The aftermath of catastrophic events demands a response that’s both rapid and informed. Nearmap supports insurers with pre-event tracking, offering impact estimates that prepare them for what’s to come. After an event, we provide post-event imagery and automated damage analysis, ensuring that insurers are not just reacting but are several steps ahead. Our comprehensive platform is capable of handling everything from catastrophic to severe weather events, integrating all aspects of CAT-response into a single, powerful tool.
The road ahead
As Nearmap and Betterview converge their expertise and resources, a new era of property intelligence is being set. United by a shared vision to serve as the beacon of truth in an ever-evolving world, these innovative platforms forge a rich tech stack replete with insights that streamline the policy lifecycle.
In the journey towards excellence, the power of comprehensive property intelligence illuminates the path forward—a path defined by innovation, collaboration, and an unwavering commitment to excellence. With a unified tech stack at their disposal, insurers stand poised to navigate the complexities of the modern insurance landscape with confidence and clarity, fortified by the transformative potential of aerial imagery and AI analytics.