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Nearmap reveals inaugural report, The Next-Gen Risk Readiness Index: P&C Insurance
Report uncovers emerging risks in US, with climate change at #1, and what technologies can serve as key solutions; 59% of respondents say they believe most US P&C insurance will be powered by AI in the future.
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Nearmap peril models adopted for rating and pricing in 27 jurisdictions
adopted for rating and pricing in 27 jurisdictions Nearmap peril models adopted for rating and pricing in 27 jurisdictions Nov 2024 Nov 2024 SALT LAKE CITY, UT, Nov 7, 2024 – Nearmap, a leading provider of property intelligence to insurers, is proud to announce regulatory approval of its predictive AI-powered peril models and scores in 26 states, plus Washington, D.C. These pre-approved state rate filings are ready for use in insurers’ rating plans, and Nearmap plans to expand coverage to the rest of the US. Completed in collaboration with Milliman Appleseed , an insurance advisory organization with deep subject-matter expertise, insurers can quickly adopt cutting-edge models to more accurately price and rate risk. The AI models developed by Nearmap are used in predictive vulnerability and claim scores covering wildfire, hurricane, wind, and hail risks. By leveraging trusted third-party regional hazard data, historical claims and damage datasets, and computer vision technology detecting roof condition and property attributes, these scores provide insurers with accurate insights for rating and serve as precise, actionable predictors of future claims for different perils. Additionally, Nearmap has worked closely with Milliman Appleseed for three years, leveraging their extensive ratemaking and regulatory filing experience. As a result, Nearmap predictive peril scores are reviewed and filed for fast, cost-efficient adoption, and insurers can quickly integrate them into workflows to better match premiums with risk. “It’s important for insurers to continue to innovate and for regulators to ensure that the new technologies are consistent with state laws and regulations. But no insurer wants a rate filing to be delayed because the regulator hasn’t seen a new tool before,” said Peggy Brinkmann, a Principal at Milliman. “Milliman Appleseed is helping deliver solutions like the wildfire, hurricane, and wind/hail scores in an efficient manner that benefits insurers, insurtechs, regulators, and ultimately policyholders.” The predictive vulnerability and claim scores are available through the Betterview property intelligence platform, the Nearmap software solution for insurance. With these powerful tools, insurers gain a complete and transparent view of risk. This includes: Regulatory approval for peril models in over 26 states, including Colorado, Georgia, Louisiana, Texas, and Oklahoma, plus Washington, D.C. Proven claims prediction lift, providing deep insights into wildfire, wind, hurricane, and hail risks. A transparent explanation of vulnerability and claims peril scores, revealing all factors contributing to each score. High-resolution aerial imagery captured up to three times a year, continuously updating AI-powered insights to strengthen peril scores. A comprehensive suite of computer vision detections with periodic model updates, which are the foundations of the peril scores. The new generation of AI insights demonstrates the Nearmap commitment to innovation and the insurance industry. “Pre-filing our models for state approvals is a great value-add for insurers. Once a state approves a score, it allows the insurer to quickly incorporate it into their insurance rates without extra time, cost, and uncertainty,” stated Madeleine Lopeman, Director of Data Science at Nearmap. “In addition to pre-filing, we can also support carriers’ own filings, providing data and documentation to ensure a smoother rate filing process from the start.” Nearmap is committed to continually delivering accurate and reliable scores for enhanced risk assessment. This initiative not only improves the precision of insurance underwriting and rating but also empowers insurers to efficiently manage severe weather and climate-related risks.
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Nearmap offers customers coast-to-coast coverage with addition of Hexagon content library
With the addition of Hexagon’s aerial imagery, P&C insurance companies can now access broader, nationwide coverage to better support their portfolios
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Nearmap completes asset purchase agreement for Tensorflight
Location intelligence leader Nearmap acquires technology and assets from Tensorflight
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Nearmap elevates location intelligence with new generation of AI-derived insights
Next generation comprehensive AI system will allow for deeper customer insights in the insurance, commercial, and government verticals
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Nearmap unveils new brand identity
Revamped visual identity and expanded offerings reflect Nearmap commitment to innovation and customer success
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STACK Construction Technologies partners with Nearmap
STACK Construction Technologies partners with Nearmap to eliminate onsite visits and increase business efficiency.
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Nearmap appoints Ray Savona as Chief Revenue Officer
savona as chief revenue officer Nearmap appoints Ray Savona as Chief Revenue Officer Jun 2024 Jun 2024 Salt Lake City, UT - Nearmap, a leading location intelligence and aerial imagery provider, is announcing the appointment of Ray Savona as Chief Revenue Officer. Effective May 28, 2024, Savona will play a pivotal role on the company’s executive leadership team, leading the development of the company’s revenue strategy and overseeing Nearmap global marketing and sales, including sales engineering and enablement. Reporting to Andy Watt, CEO, Savona joins Nearmap with over 28 years of experience in enterprise software, where he has driven strategy, built and run enterprise and channel sales, and marketing and customer success programs for organizations globally. Most recently, he served as Chief Revenue and Customer Officer at Mural, and prior to that, for more than 13 years, served in various leadership roles at Autodesk, including leading sales in the Americas and the creation and leadership of the company’s first customer success organization. “This appointment comes at an exceptional time for the company,” said Andy Watt, CEO, Nearmap. “We are transforming our business and enhancing our platform and products to meet the evolving and growing location intelligence needs of customers today, and with Ray’s deep experience and proven track record, I know he is the right leader to take Nearmap to the next level.” “Nearmap is an incredible business and their impressive technology stack and product offering solve real customer challenges. Organizations are rapidly realizing the value of geospatial and location-based technologies to make better business decisions, mitigate risk and support developmental initiatives. I couldn’t be more excited to join the company that is driving the adoption of this technology on a global scale.” Savona’s appointment underscores the commitment Nearmap has made to scaling its business and enhancing its position as a leading provider of aerial imagery and location intelligence data.
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Nearmap Acquires Betterview, a Complementary Property Intelligence Platform
Nearmap signs an agreement to acquire Betterview, a leading property intelligence and risk management platform in the insurance industry.
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Property Intelligence Brings More Data to Insurance Carriers
Nearmap announces advancements for insurance property intelligence to make accurate, up-to-date property information more accessible to all insurers.
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CM Regent selects Betterview to streamline underwriting efficiency
CM Regent employs the Betterview Property Intelligence Platform as a central hub for data and insights to maximize underwriting efficiency
About Nearmap
Nearmap PR Contact: Taylor Cenicola, taylor.cenicola@nearmap.com
Nearmap provides easy, instant access to high-resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in the United States, Canada, Australia, and New Zealand several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data-driven insights—enabling informed decisions, streamlined operations, and better financial performance. Founded in Australia in 2007, Nearmap is one of the largest aerial imagery and location intelligence companies in the world.
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