2nd June 2019
Geospatial Insight has announced the launch of its new product PropertyView, which derives critical property characteristics from satellite imagery, leveraging advances in artificial intelligence and scalable cloud computing. Providing new insights that improve risk targeting and pricing, PropertyView will empower insurers and risk managers to make better risk-based decisions on individual properties or on a broad portfolio of property risks.
This is an important development for property insurers and reinsurers in assessing risks, given the need to improve margins and price coverage accurately. PropertyView also allows insurers to rapidly populate risk-focused property databases, reducing the burden on clients to provide the data and aiding client on-boarding and retention.
Richard Hayes, head of PropertyView Product Development at Geospatial Insight, comments “Essentially, we are offering insurers the ability to validate and enrich the information they use to rapidly assess risk and price coverage by providing current, accurate and consistent data, both at the level of an individual property and across a spatially diverse portfolio."
PropertyView can drill down and capture specific property features and extract data such as: building size, building height and number of storeys, total floor area, roof type and roof material. Additional features are being added as the product grows and develops.
Dave Fox, ceo, Geospatial Insight added: “PropertyView offers the insurance market the opportunity to monitor their property portfolios throughout the duration of a policy as the satellites continually deliver fresh imagery that we can analyse."
PropertyView is applicable globally as satellite image data is used as the primary data source, a solution that is both cost-efficient and that ensures the derived information is up to date. PropertyView is accessed via an easy-to-use and secure web interface and its data fields can be readily integrated into existing risk analysis workflows.
PropertyView is being showcased at the annual AIRMIC Conference taking place on 3rd–5thJune on stand 203 in the Fujitsu Tech Hub.
Geospatial Insight is a leading provider of risk intelligence derived from the analysis of satellite, aerial and drone imagery. The company accesses a range of sophisticated data sources and applies advanced technologies, including machine learning, to produce evidence-based intelligence that enables clients to make better business decisions.
The company was established in 2012 by a team of highly experienced geospatial experts to address a gap in the market for delivering actionable business intelligence sourced from satellite imagery.
Based in the UK, the InsurTech company works with the international re/insurance markets to enhance their understanding of risks. Geospatial Insight uses video and photographs as precise evidence-based data to provide insurers, reinsurers and brokers with enhanced risk intelligence right across the insurance cycle, from risk assessment and selection to CAT response and claims to improve risk-based decision-making.