The single-source platform for smarter insurance decisions
Apr 2024
In an increasingly competitive insurance market with tight profit margins, Nearmap is helping insurers understand risk at a property level, mitigate the impacts of climate change, and deliver better service to policyholders.
Apr 2024
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Springfield Lakes, QLD AU, Nov 2020
To survive and succeed in today’s disaster-challenged world, insurers need to constantly navigate business-critical decisions to maintain profitable growth. Advanced technology – Insurtec – is helping insurers respond more quickly and more effectively, through current, verified data at a property level.
But the challenge has always been how to embed these mega-sized, multi-source datasets into internal insurance systems without stalling processes or compromising customer service.
The data available today is unprecedented, and the ‘status quo’ way of working doesn’t cut it when customers demand personalised, seamless experiences and flexible coverage options.
The image below shows flood impact in Gunnedah, NSW. Slide right to see the October 2022 floods, left to see how it looked in December 2021.
Global insurance companies are moving from “repair and replace” to a “predict and prevent” mindset as assessors, underwriters, adjusters and inspectors rely on reliable data.
While Nearmap has been providing insurers with frequently updated high-resolution aerial imagery and AI data for more than 15 years, our capacity recently expanded by combining forces with Betterview.
Now, with the added capabilities of data analytics, AI risk modelling scores, and improved catastrophe response through greater data awareness, Nearmap provides a transformative single-source insurance location intelligence solution.
In the image below, slide right to see the flood impact in Windsor NSW on 7th April 2024, compared to the previous image taken on 25th March 2024.
Make fast, accurate policy decisions
Working on an integrated SaaS-based Insurtec platform with Nearmap, insurers can access pre-processed property insights workbench for underwriting, claims, inspections and assessments – for actionable intelligence on the end-to-end policy lifecycle from first notice of loss (FNOL) to closing a claim.
Automate processes to cut costs
Our Flagging feature enables straight-through processing of low-risk policies, so insurers can dedicate time to higher-risk policies. The ability to automatically detect changes over time streamlines renewal decisions and eliminates or minimises the need for physical inspections.
The image below shows the impact of floods in Windsor, NSW on 7th April 2024, compared to the previous capture on 25th March 2024.
Understand property risk
With property intelligence AI attributes extracted from more than 100 AI data layers, insurers can more easily proactively manage risk, increase quoting speed and accuracy, optimise underwriting, enhance property risk mitigation, and expedite claims –reducing the need for on-site property inspections.
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Improve catastrophe response
With Nearmap, you can access pre- and post-event data to understand and estimate risk exposure, gain automated damage analysis, and inspect remotely after an event, improve CAT (catastrophe) outcomes, for customers, and your business.
Our team is ready to help, so do get in touch if you have any questions. In the meantime, I recommend watching the webinar replay via the link below, for a more in-depth look at the Nearmap-Betterview capabilities.
Watch the webinar below to see how a single-source insurance solution:
• Redefines efficiency in underwriting and inspections
• Enhances risk management , helps increase rate accuracy
• Transforms catastrophe response
• Enhances risk management , helps increase rate accuracy
• Transforms catastrophe response