Nearmap Peril Models Adopted for Rating and Pricing in 27 Jurisdictions

SALT LAKE CITY, Nov. 7, 2024 — (PRNewswire) — Nearmap, a leading provider of property intelligence to insurers, is proud to announce regulatory approval of its predictive AI-powered peril models and scores in 26 states, plus Washington, D.C. These pre-approved state rate filings are ready for use in insurers' rating plans, and Nearmap plans to expand coverage to the rest of the US. Completed in collaboration with Milliman Appleseed, an insurance advisory organization with deep subject-matter expertise, insurers can quickly adopt cutting-edge models to more accurately price and rate risk.

The AI models developed by Nearmap are used in predictive vulnerability and claim scores covering wildfire, hurricane, wind, and hail risks. By leveraging trusted third-party regional hazard data, historical claims and damage datasets, and computer vision technology detecting roof condition and property attributes, these scores provide insurers with accurate insights for rating and serve as precise, actionable predictors of future claims for different perils. Additionally, Nearmap has worked closely with Milliman Appleseed for three years, leveraging their extensive ratemaking and regulatory filing experience. As a result, Nearmap predictive peril scores are reviewed and filed for fast, cost-efficient adoption, and insurers can quickly integrate them into workflows to better match premiums with risk.

"It's important for insurers to continue to innovate and for regulators to ensure that the new technologies are consistent with state laws and regulations. But no insurer wants a rate filing to be delayed because the regulator hasn't seen a new tool before," said Peggy Brinkmann, a Principal at Milliman. "Milliman Appleseed is helping deliver solutions like the wildfire, hurricane, and wind/hail scores in an efficient manner that benefits insurers, insurtechs, regulators, and ultimately policyholders."

The predictive vulnerability and claim scores are available through the Betterview property intelligence platform, the Nearmap software solution for insurance. With these powerful tools, insurers gain a complete and transparent view of risk. This includes:

  • Regulatory approval for peril models in over 26 states, including Colorado, Georgia, Louisiana, Texas, and Oklahoma, plus Washington, D.C.
  • Proven claims prediction lift, providing deep insights into wildfire, wind, hurricane, and hail risks. 
  • A transparent explanation of vulnerability and claims peril scores, revealing all factors contributing to each score.
  • High-resolution aerial imagery captured up to three times a year, continuously updating AI-powered insights to strengthen peril scores.
  • A comprehensive suite of computer vision detections with periodic model updates, which are the foundations of the peril scores. The new generation of AI insights demonstrates the Nearmap commitment to innovation and the insurance industry.

"Pre-filing our models for state approvals is a great value-add for insurers. Once a state approves a score, it allows the insurer to quickly incorporate it into their insurance rates without extra time, cost, and uncertainty," stated Madeleine Lopeman, Director of Data Science at Nearmap. "In addition to pre-filing, we can also support carriers' own filings, providing data and documentation to ensure a smoother rate filing process from the start."

Nearmap is committed to continually delivering accurate and reliable scores for enhanced risk assessment. This initiative not only improves the precision of insurance underwriting and rating but also empowers insurers to efficiently manage severe weather and climate-related risks.

About Nearmap:
Nearmap is the location intelligence provider customers rely on for consistent, reliable, high-resolution imagery, insights, and answers to create meaningful change in the world. The Betterview and ImpactResponse platforms by Nearmap are integrated technology solutions built for insurers applying proprietary AI and computer vision to high-resolution aerial imagery and geospatial data, generating highly accurate property intelligence. Insurance companies are empowered with on-demand insights throughout the policy lifecycle that increase quoting speed and accuracy, optimize underwriting efficiency, enhance property risk mitigation, and expedite claims. Nearmap is the only full stack provider of location intelligence—from camera, to capture, to processing, as utilized in the Betterview and ImpactResponse platforms.

For more information, please visit www.nearmap.com/solutions/insurance.

PR Contact
Taylor Cenicola
Email Contact 

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nearmap-peril-models-adopted-for-rating-and-pricing-in-27-jurisdictions-302298056.html

SOURCE Nearmap

Contact:
Company Name: Nearmap

Featured Video
Jobs
Senior Principal Software Engineer for Autodesk at San Francisco, California
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Principal Engineer for Autodesk at San Francisco, California
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Mechanical Engineer 2 for Lam Research at Fremont, California
Equipment Engineer, Raxium for Google at Fremont, California
Upcoming Events
Dimensions User Conference 2024 at The Venetian Resort Las Vegas NV - Nov 11 - 13, 2024
Greenbuild 2024 at Pennsylvania Convention Center Philadelphia PA - Nov 12 - 15, 2024
Digital Construction North (DCN) 2024 at Manchester Central. Manchester United Kingdom - Nov 13, 2024
Digital Twins 2024 at the Gaylord National Resort & Convention Center in, MD. National Harbor MD - Dec 9 - 11, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise