This post originally appeared on GIC.org.
Together, Vexcel and GIC have fully aligned their strengths to streamline efforts and enhance innovation, while continuing to provide the high-quality aerial imagery and coverage that insurers trust.
Announcing Catastrophe Analytics on Gray Sky Imagery – Elements: Damage Assessment
Below is a press release announcing the upcoming launch of Elements: Damage Assessment, the latest product addition for GIC members.
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Geospatial Insurance Consortium to Provide Catastrophe Analytics on Properties After Major Weather Events and Natural Disasters
Insurers get quick insights to property damage with the world’s largest aerial imagery program
The Geospatial Insurance Consortium (GIC) announced a new product from its operations partner, Vexcel, that has the ability to enhance insights and learning across aerial imagery collected after a major weather event. Introducing Elements: Damage Assessment, a faster, more reliable way to identify destruction on a property for insurers following a hurricane, tornado, or wildfire.
“This new capability helps GIC members increase their knowledge on a property affected by wind and fire events, essentially changing the way they see and understand a storm’s impact,” shared Erik Jorgensen, CEO of Vexcel Group. “We’ve gone beyond what’s discernible by the eye and helped uncover—through the application of machine learning—what’s changed using our high-resolution post-CAT imagery. This in turn helps property and casualty insurers improve their response to impacted communities with faster, more reliable data showcasing property conditions.”
Damage Assessment is part of the GIC’s Elements product line which uses machine learning (ML) to deliver rapid property insights. Providing this level of detail goes hand in hand with the venerable Gray Sky collection program; no one captures more disasters in the United States. And now Damage Assessment data can be automatically calculated and provided in a report shortly after imagery is published, so insurers can more efficiently and effectively respond to those impacted, without ever setting foot on the ground.
Faster Property Insights to Boost Claims Management
A damage assessment of properties inside a Gray Sky collection zone will be available to GIC members. These additional property insights can help members scale their responses with greater agility, helping identify and verify which policy holders have damaged property.
Starting with location coordinates, insurers can:
- Pull up damaged properties and scan CAT scores to identify how their customers are impacted
- Save time and resources with remote assessment
- Zero in on a policy holder’s home and review multiple pieces of information to assess damage
- Get insights to roof condition, missing material, and tarp coverage
- View the Damage Assessment report alongside Gray Sky imagery
- Compare the Damage Assessment report to the GIC’s Blue Sky (pre-CAT) imagery
- Validate the destruction on a property to triage and assess loss
- Proactively begin and resolve claims with actionable information and better confidence
- Keep customers safe, satisfied, and secure as they start to recover and rebuild
Damage Assessment will be available through the GIC’s API and web-based application, Viewer, and will deliver an overall CAT score and FEMA classification estimate as well as specific information in percentages (0-100%) such as the degree to which debris covers a building, roof condition, missing material, and tarp coverage.
This information provides a strategic advantage for claims groups and underwriting teams, especially as CAT events continue to grow in number, year after year.
More Info
The Geospatial Insurance Consortium (GIC) is a member driven organization dedicated to improving and accelerating decision-making, operational efficiency, risk mitigation and digital innovation solely for insurers. With access to the world’s largest aerial imagery and geospatial data library and the longest running disaster collection program, members get a competitive edge to enhance their workflows across the policy life cycle, from beginning to end. From urban areas to rural locations, members can leverage professional grade imagery that is unmatched in accuracy and quality, leading to greater actionable insights and property analysis to help grow their book of business. Learn more at devgeointelstg.wpengine.com.
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