Franklin Mutual Insurance coverage Group (FMI), a property and casualty insurer, has partnered with Nearmap to make use of the Betterview platform to enhance underwriting accuracy and effectivity of inspection.
FMI will use “high-resolution” aerial imagery and AI-powered property insights from Betterview to assist sooner, extra knowledgeable selections throughout its portfolio.
By integrating the platform into its underwriting workflow, FMI obtains entry to well timed, location-specific information meant to assist establish “high-risk” properties, scale back pointless area inspections whereas bettering underwriting choice consistency.
Since its implementation, FMI has analysed greater than 75,000 insurance policies. The corporate reported that aerial imagery revealed exposures reminiscent of a roofless barn and deserted automobiles which may have been missed throughout in-person inspections.
FMI stated the platform allows underwriters to detect and act on data that was beforehand unavailable.
Franklin Mutual Insurance coverage Underwriting vice-president Matthew McCauley stated: “We’re excited to companion with Nearmap to take our property intelligence technique to the following degree.
“With Betterview, we will rapidly visualise property situations, validate exposures, and focus our inspection assets the place they’re actually wanted.
“This not solely enhances underwriting effectivity—it additionally helps our broader mission to guard policyholders with smarter, extra environment friendly insurance coverage options.”
FMI expects the shift to scale back operational prices and assist its growth into new states.
It additional has plans for increasing the Betterview platform use to incorporate extra information layers reminiscent of roof age and to increase protection into industrial traces within the coming 12 months.
Nearmap chief product officer David Tobias stated: “Franklin Mutual Insurance coverage’s dedication to innovation is a good instance of how insurers can use aerial imagery and AI to drive measurable outcomes.
“We’re proud to assist FMI in delivering higher safety and worth to their prospects via the Betterview platform.”
