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.
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.
Brit Insurance is a market-leading global specialty insurer, focused on underwriting complex risks. They are also GIC members–have been since 2019. They were introduced to the GIC after seeing a presentation given by Ryan Bank, Managing Director of the GIC. “I was told I ‘have to see this'”, reflected Matt Grottick, Senior Claims Adjuster for Brit. “we knew we could do some really cool things with access to this type of data.”
It wasn’t long before Grottick and his team began to realize the value of the location data they had access to, particularly when it came to managing claims from catastrophic events. A common challenge for all insurers is the ability to understand what’s really considered a loss, what the actual scope of damage is after a CAT event.
“Right away, we began to see we could settle claims without having to send out a loss adjuster to the site,” shared Grottick. “That speeds up payments to customers. Further, just that adjustment to our workflow alone is helping improve our loss adjustment expense, potentially saving us between $10-20K per claim.”
Brit also unlocked additional benefits from using GIC imagery for SIU surrounding a claim with Hurricane Harvey in Texas. Using the GIC’s Blue Sky imagery compared against the Gray Sky collection from the hurricane, they could determine the damage sustained to a house occurred prior to the catastrophe.
Beyond claims management, Brit is recognized for a company that excels at innovation. Harnessing the rich geospatial data provided by the GIC showed customers that Brit is a forward-thinking company–a powerful message they stand behind.
Brit also uses the data to differentiate itself from customers who rely solely on satellite imagery. “Until you compare satellite imagery with what you get from the GIC, you just don’t realize how grainy satellite imagery really is,” mused Grottick. It’s difficult to investigate a claim properly if you’re not sure what you’re really looking at.”
Download the full use case regarding Brit Insurance and their use of the GIC’s comprehensive image library for additional details.