QBE Ventures has implemented geospatial technology and artificial intelligence (AI) in a pilot program in Australia, aiming to improve the claims process for commercial clients affected by Tropical Cyclone Jasper in December 2023.
This initiative reduced the need for hydrology reports, expediting the claims process for customers facing potential flooding.
QBE, which was named among this year’s best insurance companies for claims in Australia and New Zealand, said assessing damage following severe weather has been challenging due to flooding, debris, and limited access to affected areas.
To address these issues, the group used insurtech from its QBE Ventures portfolio.
QBE Ventures is the venture development and investment arm of QBE Insurance Group, focusing on technology solutions that aim to transform the insurance giant and the global markets in which it operates.
“Our investments in geospatial data and AI platforms have the potential to transform the way we manage residential and commercial property risks and claims at QBE,” said QBE Ventures CEO James Orchard. “Geospatial data shows us the precise location of our insured properties. When combined with satellite imagery, our teams can visually assess the impact of severe weather events in near real-time in one place.”
The pilot was applied during QBE’s response to Tropical Cyclone Jasper, which caused extensive damage and flooding in far North Queensland.
“Our claims team was able to monitor the impact of Cyclone Jasper on our insured properties in near real-time, enabling them to make quick and informed decisions about what resources, trades, and support teams were needed on the ground, and where they were needed most,” said QBE Australia head of property claims Chad Vigar. “In many cases, we eliminated the need for onsite inspections and specialist reports, which helped us with getting our commercial customers back on their feet.”
The successful Australian pilot is part of a series of geospatial technology trials QBE has been conducting globally. Results have shown promise for further expansion in areas such as underwriting and risk assessment.
“Geospatial technology is a crucial part of our data enrichment strategy,” Orchard said. “In the coming months, our focus will be on transitioning geospatial technology from these large-scale pilots to operational use within our claims, supply chain, and catastrophe response teams.”
Looking ahead, QBE Ventures is examining deeper integration of AI to produce more actionable insights regarding weather and natural disasters.
“By leaning into AI, we’ll be able to aggregate and analyse data more effectively and build better, faster response workflows into our risk management and claims platforms,” Orchard said.
