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 help quicker, extra knowledgeable selections throughout its portfolio.
By integrating the platform into its underwriting workflow, FMI obtains entry to well timed, location-specific knowledge supposed to assist establish “high-risk” properties, scale back pointless discipline inspections whereas enhancing underwriting determination consistency.
Since its implementation, FMI has analysed greater than 75,000 insurance policies. The corporate reported that aerial imagery revealed exposures akin to a roofless barn and deserted autos which may have been missed throughout in-person inspections.
FMI stated the platform allows underwriters to detect and act on info that was beforehand unavailable.
Franklin Mutual Insurance coverage Underwriting vice-president Matthew McCauley stated: “We’re excited to accomplice with Nearmap to take our property intelligence technique to the following stage.
“With Betterview, we are able to shortly visualise property circumstances, validate exposures, and focus our inspection sources 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 cut back operational prices and help its enlargement into new states.
It additional has plans for increasing the Betterview platform use to incorporate extra knowledge layers akin to roof age and to increase protection into business strains 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 help FMI in delivering higher safety and worth to their clients via the Betterview platform.”
