Despite its status as representing around one third of the insurance industry, with $1.6 trillion in annual premiums, the U.S. property and casualty sector still depends too much on manual intervention to keep up with constantly evolving customer requirements. This high reliance on manual intervention in the form of inspection agents taking charge of property assessments leads to increased personnel costs and high turnaround time.
Property and casualty insurance companies can now benefit from risk models that analyze huge and diverse data sets. And new data source influencers are emerging in the insurance industry, to provide the most comprehensive and accurate assessment of a property and bring about the end of an era for traditional assessment methods.
Insurers will thrive by partnering with technology companies that have demonstrated expertise in the property attributes and are continuously evolving. Insurers will be better able to identify and add attributes that improve underwriting and claim handling. Insurers will also have access to data solutions that reduce manual tasks and streamline workflow for new business.
The forward-thinking approach in the P&C market is to provide the required property data as a service (PDaaS) to carriers, removing the burden of gathering property images and extracting all the risk attributes from those images. The accuracy of attributes, determined based on multiple images and a 3D view of the property, is only one highlight of PDaaS’ unique proposition.
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Knowledge is power
Progressive-thinking property insurers across the globe are competing to take advantage of upgrades in camera technology and the surge in imagery captured by drones and satellites. This advancement, combined with cutting-edge research in artificial intelligence algorithms, has opened avenues for property insurers to leverage image analytics to property underwriting and claim handling.
Where PDaaS corners the market
The growing list of customers using PDaaS appreciate that it can handle entire updated datasets every six months or a year. For example, any roof damage in the form of missing shingles or presence of tarp on the roof can be noticed via updates. As PDaaS platforms are continuously evolving, operators are adding attributes not available from other providers of property data.
PDaaS allows carries to integrate the data in mass volume workflows (such as pre-fill forms and fast online quotes). PDaaS provides extensive multi-sourced and AI-driven property data sets, allowing property insurance underwriters and claim handlers to undertake thorough, reliable risk assessments. What’s not to like?