Parametric data will drive future for insurance industry
Geospatial Insight has launched PropertyView, which combines artificial intelligence (AI) and scalable cloud computing to extract building information from satellite imagery
The future of underwriting will revolve around leveraging geospatial big data to enable parametric underwriting and become the main method the industry uses to insure risk, Dave Fox, chief executive officer of Geospatial Insight, told Monte Carlo Today.
On this basis, Fox said, its focus is on creating innovative and insightful tools that underwriters can easily use and from which they can derive meaningful value.
“The aim is to create a holistic risk management tool that combines the property attributes of the risk with scoring for relevant perils to support improved risk analysis and rapid, online pricing,” he said.
Geospatial Insight has launched PropertyView, which combines artificial intelligence (AI) and scalable cloud computing to extract building information from satellite imagery. A number of insurers are already trialling this on a proof of concept basis, he said.
Fox highlighted the importance of satellite data.
“Satellites can ‘see’ literally anywhere in the world and feed back crystal-clear imagery. In order to replicate that capability, and because we see a demand for geospatial intelligence in these territories, we are establishing new businesses in south east Asia and North America,” he said.
“With the launch of more satellites, the volume of satellite data will continue to proliferate, providing ever greater amounts of highly detailed analysis-ready imagery.”
He stressed that the supply of the raw data isn’t the whole solution—the key is the ability to analyse the imagery to produce meaningful and insightful intelligence.
“We are doing this by developing new AI and machine vision algorithms and we see the evolution of these capabilities progressing at an astonishing rate.
“The resulting intelligence that re/insurers can now access already provides telling data to improve the speed and accuracy of risk analysis and this trend is only set to continue,” he concluded.
