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Image analytics: A competitive approach for property insurers

Property image data has become an important source for insurance carriers.

By Siddharth Garg and Upendra Belhe | April 12, 2021 at 10:45 AM
This is an aerial view of the 1.3-acre development site in Miami Beach where the city wants a private group to build new office space. (Free use image/ALM Media) This is an aerial view of the 1.3-acre development site in Miami Beach where the city wants a private group to build new office space. Leveraging high-resolution aerial imagery can unlock value for property insurers and set up new ways of doing business. (Free use image/ALM Media)

Property assessment is a costly affair and may pose inaccuracy risks to insurers.

High-resolution aerial imagery can reveal the underlying risks of the properties and add to the details in application data for underwriting purposes. In fact, the global geospatial imagery analytics market size is expected to grow from $6.9 billion in 2020 to $27.9 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 32.1% during 2020-2025.

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