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, optimize underwriting efficiency, enhance property risk mitigation, and expedite claims processes. In a recent 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.