Verisk Insurance Solutions, a unit of Verisk Analytics announces it has incorporated a new desktop inspection feature into its 360Value software. Based on aerial imagery, 360Virtual Inspection lets insurers confirm property location and examine many exterior building characteristics during the underwriting process.
360Virtual Inspection provides up to seven different views of the property to determine characteristics including building style, roof shape and materials, exterior wall type, and more. It also includes proprietary measuring tools to determine additional property characteristics such as square footage. The application can be used for both residential and commercial properties and, in some cases, may provide a low-cost alternative to an on-site property inspection.
“360Virtual Inspection can significantly help property insurers streamline the risk assessment process,” says Scott Amussen, assistant vice president and 360Value product manager. “On a per-property basis, the cost of using 360Virtual Inspection is just a small fraction of a typical property inspection. Alternatively, 360Virtual Inspection may identify the need for a physical inspection in cases where one may have not been ordered originally.”
In addition to verifying property characteristics, 360Virtual Inspection can be used to identify liability hazards such as pools, trampolines, and dog kennels and catastrophe hazards such as setback from brush line in wildfire zones and proximity to body of water for flood or hurricane risk.
“360Virtual Inspection takes the underwriting process to the next level because insurers are now able to virtually inspect every property they underwrite and intelligently determine if an on-site inspection is needed,” says Amussen.
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