Nearmap Insurance’s Post

Name: How Is Technology Changing Underwriting and Claims?
Uploaded: 2024-12-12T17:09:29.769Z
Duration: 2 min 35 s
Channel: Nearmap Insurance
Description: Property inspections aren't new. What is new are the tools enabling remote inspections to be done more effectively and at scale. David T. explains how #ComputerVision and #MachineLearning tools (extracting data from #AerialImagery) provide underwriters and claims professionals with everything they need to know about a roof. Watch the full interview here: https://lnkd.in/g_UVQi3D

Nearmap Insurance

19,667 followers

Property inspections aren't new. What is new are the tools enabling remote inspections to be done more effectively and at scale. David T. explains how #ComputerVision and #MachineLearning tools (extracting data from #AerialImagery) provide underwriters and claims professionals with everything they need to know about a roof. Watch the full interview here: https://lnkd.in/g_UVQi3D

Transcript

Well, I think you know, in what you mentioned, a lot of times if the insurer didn't have the data to price the risk effectively, they just wouldn't. They wouldn't insure it. And so, there's this vacuum, especially around property data where some of the elements are really hard to get right. It's hard to get them. I don't go up on my roof. I don't know when the last time you were up on your roof. So, most insurers don't really know a lot about the condition of the roof. With the aerial insights that we can provide, right, you can know that and you can be more proactive. And so, then insurers can price something instead of blanket saying "We're just not gonna write it. We're not going to write this area." They can write it. At the end of the day, the insurer wants to write business and wants to price it appropriately to the risk. So, I think this helps balance it. And AI and machine learning, you know, we're using with it to help do that at scale. Now the nice thing about what we do is, there's computer vision and there's machine learning to extract data points from it, but it's all based on the image. So, if a human can't see it in the image, the computer vision can't see it. There's no...like sometimes people kind of conflate these things. There's no magic to it. So, it's all it's all there in black and white, right? You know the old adage "a picture is worth 1000 words." You can see it. So, if it says you have a missing shingle, You can go validate that in the the image, right? And so, the computer vision helps the underwriters and claims professionals do that at scale, but it's still there. And so, I think we think about how do we make the human superhuman? This is pretty mundane. And the nice thing about computer vision is it's consistent. It can be wrong, you know, like anything. Humans are wrong a lot. If you actually look into it, every human evaluates a roof, for example, differently. The computer can be very consistent and it's explainable. Whereas, if I go back and say to an underwriter, this thing that you insured five years ago, why did you make that decision? They can't explain it. So I think, part of this is just education. It's like inspections in insurance have been around forever. I used to own an insurance inspection company. So, boots on the ground, sending people to the site. Inspections aren't new, we're just using new tools to do the same thing more effectively.

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Nearmap Insurance’s Post

How Is Technology Changing Underwriting and Claims?

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