ImpactResponse: Prepare for the (Un)expected
Jul 2024
With the Nearmap ImpactResponse System, insurers can predict real-time storm impacts, respond swiftly and accurately to damages, and support policyholders during catastrophic and severe weather events.
Jul 2024
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In an era where catastrophic (CAT) weather events have become the norm, predicting their occurrence is no longer the challenge—preparing for their inevitability is.
Severe heatwaves and extreme rainfall led to increased risk of bushfires and floods across Australia. With another disaster season approaching insurers are preparing for a potential surge in severe weather events, necessitating swift, efficient responses to maintain operational efficiency and customer satisfaction.
The challenge is clear. How can insurers predict real-time storm impacts, respond swiftly and accurately to damages, and support policyholders during these critical times? ImpactResponse, addresses this complex issue.
A better disaster response solution
Our ImpactResponse solutions for claims and CAT response are better than ever. Thanks to our acquisition of Betterview, you can access a more comprehensive system of imagery, insights, and answers—all integrated within the Betterview platform.
ImpactResponse leverages the fastest and highest resolution post-disaster imagery available, ensuring insurers have the critical near-real-time information needed to respond swiftly and effectively after a CAT event. Quick access to imagery following a CAT event is critical to insurance operational efficiency—not to mention, in-person inspections post-event are dangerous, costly, and time-consuming. Our post-event imagery is at sub-7.5cm high-resolution, covering populous impacted areas, and is rapidly available on our platform within hours of capture.
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As we apply advanced computer vision models and data to imagery, the full power of the ImpactResponse System is unleashed to streamline your pre- and post-catastrophe response and recovery. Here’s how the system works:
- Track ongoing events: For example, as a bushfire occurs in New South Wales, the ImpactResponse System continuously pulls the latest information and hurricane tracks from commercial and public providers, providing insurers with real-time data to identify impacted properties and prioritise resources efficiently. This ensures the hardest-hit areas receive immediate attention and facilitates efficient adjuster deployment.
- Predict exposure: The ImpactResponse System leverages our peril vulnerability scores based on pre-event imagery to predict potential property damage, allowing insurers to gain visibility on the number of potentially impacted properties, and the predicted losses in their portfolio.
- Quantify damage: Utilising our rapidly available ImpactResponse imagery and advanced computer vision models, insurers can automate damage classifications and assess losses accurately at the property level. This enables you to prioritise claims and adjuster resources, prepare reserves, and manage financial risk right after the event hits.
- Alert insureds and initiate claims: ImpactResponse enables insurers to proactively alert policyholders about impending CAT event risks and streamline the claims process, often initiating it even before the first notice of loss (FNOL) is filed. This significantly reduces resolution time, providing policyholders with timely support and peace of mind. Additionally, with detailed damage detections powered by computer vision, insurers can drastically speed up the claims process in the event homes and businesses are damaged, significantly reducing loss adjustment expenses and actively mitigating fraud.
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Get ready now
Insurers must be prepared to respond to CAT and severe events with unprecedented speed and accuracy. The Nearmap ImpactResponse offers a comprehensive solution, from tracking ongoing events and predicting exposure to utilising high-resolution post-even imagery for damage assessment and proactively initiating claims. By leveraging this full stack technology, insurers can enhance their CAT response capabilities, ensuring they’re ready to support their policyholders through the storms ahead.
To discover how Nearmap ImpactResponse can transform your CAT event response strategy, enhancing efficiency and customer satisfaction, reach out today.