Nearmap, an aerial imagery and data company headquartered in Sydney, is spearheading a transformative approach to the claims process within the insurance industry. Stephen Neale, Solutions Engineering Manager at Nearmap, underscores the significance of their technological advancements, which promise to alleviate critical challenges faced by insurers.
Neale elucidates the magnitude of their data capacity, stating, “One petabyte is equivalent to taking over 4,000 digital photos per day, over your entire life.” This staggering volume of data serves as the foundation for Nearmap’s innovative solutions.
The insurance sector grapples with escalating catastrophic weather events, surging claims volumes, and mounting pressure to expedite resolutions while maintaining cost efficiency. Additionally, regulatory scrutiny following natural disasters, such as the 2022 floods, compels insurers to enhance their claims processes. Neale emphasizes the pivotal role of technology in addressing these multifaceted challenges.
Nearmap’s cutting-edge aerial imaging technology, touted as one of the most advanced globally, is tailored to expedite claims processing in the aftermath of severe weather events. Neale underscores the fusion of various technologies aimed at streamlining the identification and assessment of damages, thereby expediting claim resolutions.
Key to Nearmap’s approach is proprietary technology that accelerates the capture of high-resolution imagery, coupled with artificial intelligence algorithms capable of detecting over 100 features in each image. This enables insurers to swiftly pinpoint specific damages, such as roof impairments, facilitating prompt assessments and mitigating delays.
Neale’s forthcoming presentation at the Claims Leaders Summit Australia will delve into the efficacy of aerial imagery and data technology in bolstering insurers’ response capabilities during catastrophic weather events. By leveraging petabyte-scale AI and advanced image acquisition techniques, Nearmap endeavors to provide real-time insights crucial for effective decision-making.
A notable application of Nearmap’s technology is remote assessment of flood damages, obviating the need for physical inspections. Neale emphasizes the significance of accurate and detailed data in expediting assessments and facilitating timely recovery efforts.
Illustrating the practical utility of Nearmap’s aerial imagery, Neale shares before-and-after photos of Grafton following the 2022 floods. These images, accessible online even before floodwaters receded, enabled insurers to validate property-level information and assess damages remotely.
Moreover, Nearmap’s imagery facilitates comprehensive evaluations of damage severity, aiding in the estimation of repair and replacement requirements. Neale cites instances where Nearmap’s technology facilitated the inspection of thousands of properties and expedited refurbishments and demolition estimates, thereby expediting recovery efforts.
By enabling remote inspections, Nearmap’s solutions optimize resource allocation for insurers, enabling them to assess a greater number of properties promptly. This, in turn, accelerates the claims process, facilitating expedited repairs and rebuilding efforts.
The Claims Leaders Summit Australia, scheduled for May 9 at The Fullerton Hotel in Sydney, will provide a platform for industry stakeholders to explore innovative approaches to claims processing. Nearmap, as the Tech Talk sponsor, underscores its commitment to driving advancements that streamline insurance operations and enhance customer experiences. Interested parties can register for the event to engage with industry leaders and discover cutting-edge solutions shaping the future of claims management.
