Geospatial Insight launches a new property risk product

A new property risk product that uses satellite imagery to assess the condition and location of properties has been launched by Geospatial Insight at this year’s Airmic conference.

Dave Fox, chief executive officer of Geospatial Insight, told Airmic Today that the product, named PropertyView, provides insurers and reinsurers with a greater level of consistent data to make better risk estimates around property.

“We take very high resolution satellite images and then apply artificial intelligence techniques we’ve developed in-house to extract the critical pieces of information,” Fox said.

“Essentially this includes the size of the building, the height, the number of storeys, the roof type, the roof materials, and additional features of the building such as solar panels, swimming pools and any extensions. Other features will be added soon, including building age and building materials.”

According to Fox, PropertyView provides a suite of attributes for an individual property that insurers and reinsurers can use to assess more accurately the risks involved with individual properties. It also allows insurers to auto-populate a lot of the data when they are looking to quote for cover on new properties, or to requote for new prospects.

Automatically bringing in that information removes the burden on the occupier or owner of the property of providing and proving the information. As a consequence, Fox said, it should also help with client retention because it makes the process easier.

Geospatial Insight said that because satellite image data is used as the primary data source PropertyView is applicable globally, and a solution that is cost-efficient and 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 Airmic Conference on stand 203 in the Fujitsu Tech Hub. Find out more at https://www.geospatial-insight.com/products/propertyview/ and http://airmicconference.com/programme/fujitsu-tech-hub