End-to-end insights to guide the policy lifecycle
May 2021
Nearmap makes it easy to confidently move policies forward with frequently captured high-resolution images across 90.1 million residential and commercial properties.
May 2021
)
Insurance of yesteryear required time-consuming processes like traveling to sites, conducting manual inspections, and searching your records for historic data to verify claims — leaving your customers waiting for assistance during times of need. Nearmap saves you time and energy throughout the policy lifecycle by enabling insurance providers to shift their workflow from manual to digital. Sort through a catalog of images dating back to 2014, dive into property details with immersive 3D renderings and AI capabilities, and more with a click of a button.
Nearmap makes it easy to move policies forward with confidence as we frequently capture high-resolution images across 90.1 million total parcels comprised of residential, commercial, and other properties in the United States.
Our ever-growing library of property imagery combines with advanced software features to transform data into actionable insights across every step of the policy lifecycle: quoting, underwriting, loss control, renewals, and claims.
Quoting
A fusion of vertical, oblique, 3D, and AI views allows you to quickly calibrate risk and develop informed estimates. Remotely explore the property and the surrounding environment to create a risk profile complete with vital property information including building footprints, proximity to bodies of water, vegetation analysis, pools, and more.
Identifying the right property risks, pricing them appropriately, and delivering timely quotes to customers are key to winning in this industry. Nearmap allows you to do all three.
Underwriting
Underwriters need more than just sole property details to successfully perform their role, they require the data of a property as well as the surrounding environment. With highly detailed location intelligence spread across an entire area, underwriting can lessen the risk of overlooking areas of concern by verifying the secondary structures don’t affect risk criteria.
Further, Nearmap data extends back to 2014 to give insurers a glimpse into the changes to an entire area or specific address over time. This is especially important for properties of higher net worth (mansions, estates, commercial buildings), where upgrades, changes, and proximity to areas of risk — waterfront or hillside properties — can help avoid underinsurance and costly claims.
Loss Control
The more you know, the less risk you take when insuring a property. Our industry-leading camera system allows viewers to get into the granular details of a home or commercial building and highlight key areas of concern — without the need for an onsite visit.
Annotation tools can then be used to formulate a virtual profile that your team has as a guide for their onsite inspection. Rather than settling for a “repair and replace” approach, Nearmap gives insurers the ability to “predict and prevent.”
Renewals
Inspection lapses in renewal properties can lead to major issues, such as premium leakage, underinsurance, or unnecessary claims across thousands of policies. Many insurers simply don’t have the time to repeatedly send out inspectors to conduct yearly reviews. Fortunately, they no longer have to, as up-to-date property intelligence allows them to easily identify any new risks.
Thanks to our innovative AI system, insurance providers can now highlight:
- Property repairs
- Deterioration and/or damage to the roof and other property areas
- House additions, such as new levels, pools, trampolines, secondary structures
Claims
Once a reactive step, claims can now be processed proactively thanks to post-catastrophe area surveys, captured within days of major weather events. With results in hand, insurers can readily prioritize claims, compare pre- and post-catastrophe imagery to estimate damages, and deploy resources to the most impacted areas.
Losses can be remotely calculated with virtual inspections, accurate structural measurements, and historical property images showing any pre-existing damage. All this information speeds up the process of verifying claims and assisting your customers when they need it most — as well as successfully disputing suspicious damage reports.
Delivering the best value and service to customers is paramount to building loyalty and growing your business. With on-demand becoming the norm, upgrading your offerings to meet consumer expectations should be the focal point of your business strategy. Nearmap not only brings you into the digital age, it pushes your company to the forefront of technology with the highest quality imagery and tools.
Together, we can help you insure smarter and faster, freeing up your time to provide better value and assistance to your customers — all with the precision and certainty of modern technology.