As we edge towards 2021, the future of claims and risk assessment remains exciting if a little unclear. Physical site inspections have, for the large part, been replaced by virtual tools that allow these checks to take place remotely. Yet with COVID-19 restrictions easing in Australia, the possibility for routine physical assessments to take place is greater than ever – so what benefits can a tool such as aerial imaging offer insurers moving forward?
According to Rob Newman, CEO and managing director of the digital imaging company Nearmap, “aerial imagery helps to provide insurers with access to instant, reliable and contextual analysis of what’s happened on the ground without actually being there.”
“Think about when a catastrophe like a bushfire happens and causes considerable damage to properties and businesses,” he said. “It can be costly and extremely dangerous to conduct a site visit in the immediate aftermath, whereas through Nearmap, insurers can quickly compare images before and after the event, conduct a virtual site visit, and identify whether or not the damage was already there beforehand – all from their desk.”
Nearmap employs light-wing aircraft to continuously fly over urban regions in Australia and create an ongoing library of content. This library of historic imagery has recently been augmented by Nearmap AI, an artificial intelligence (AI) product that Newman says allows insurers to validate existing data and more confidently calibrate risk and predict loss.
“The datasets produced by this technology really help to clarify, for example, the relevant assets and attributes associated with a property that’s been damaged,” he said. “What type of roof the property has, what condition the roof is in, and whether this condition has changed over the course of an event – these are some of the ways in which Nearmap AI can assist the insurance sector.”
Nearmap’s digital-first approach has seen the company enjoy considerable growth since its establishment in 2007. In 2014, it expanded into the North American market, establishing offices in New York, Washington DC, and Salt Lake City, and recorded just under US$30 million in revenue for the region according to its most recent financial report, Newman said.
Looking forward, Newman sees enormous opportunity for the insurance industry to take advantage of Nearmap’s technology as the digitisation of underwriting and claims processing continues.
“I think 2020 has forced a lot of insurance companies to look at how they can engage with this kind of data about our world and use it for services such as claims adjusting,” he said.
“COVID-19’s caused a lot of insurance companies to digitise their business, and we believe that Nearmap has a significant role to play in enabling this transition.”
