While geospatial and aerial imagery aren't exactly new topics, the insurance industry is finally beginning to understand the immense value they can provide throughout the value chain.
On the underwriting side, savvy carriers are leveraging imagery from various sources, including satellite, fixed-wing, and drone. The data allows carriers to assess a variety of meaningful property attributes such as roof condition and building material. The implication is better quoting decisions and loss control measures that will allow the policyholder to take necessary steps to potentially mitigate damage. Furthermore, we’re seeing some leading vendors provide artificial intelligence capabilities to assess raw imagery and flag relevant properties to underwriting staff.
Historically many use cases of geospatial data and aerial imagery have been in the underwriting side, but Celent also observes increasing use on the claims side. In a NatCat situation, imagery can help carriers better understand their book’s susceptibility to damage and pre-emptively devote resources to likely affected areas. Once a storm hits, fixed wing or satellite imagery can help the carrier effectively assess and understand damaged regions at scale. Drone assessment, which is becoming more mainstream, can allow for contactless and accurate inspection of damaged property without actually having to send an adjuster into the field. The result can be increased speed, accuracy, and cost savings.
Despite many recent advancements in geospatial data and aerial imagery, Celent believes the insurance industry is still in the early innings of its’ eventual development and adoption. Carriers have much to gain from leveraging this valuable source of data,and there can be many tangible benefits.
On Tuesday, September 20thfrom 2-3PM PT, Celent’s pre-conference panel discussion, The Growing Role of Geospatial Data and Aerial Imagery in Insurance, will provide valuable information to carriers on three main topics:
•Why geospatial data and aerial imagery is important for carriers
•How insurers can extract value from imagery
•What does the future of geospatial data and aerial imagery looks like
The panel will include three industry experts who offer three unique vantage perspectives on the topic: an insurer, an established solution provider, and an InsurTech.
We look forward to seeing you there!