The move aims to offer a more thorough assessment of risks throughout the state.
The decision to implement Verisk’s Aerial Imagery Analytics follows a meticulous evaluation process conducted by Citizens. The insurer considered various vendors, weighing factors such as analytic breadth and accuracy to determine the most effective solution for their needs.
“Working with Verisk was easy,” said Forrest White, underwriting director at Citizens. “Leveraging aerial imagery from Verisk in our underwriting process will help us make more informed decisions about risk selection for property inspections.”
Verisk partnered with Vexcel Data Program, recognised as the world’s largest aerial imagery programme. The move enables Verisk to gain access to imagery and elevation models, utilizing computer vision machine learning to develop an extensive library of imagery analytics tailored for Property and Casualty (P&C) insurers.
According to reports, this ensures access to ultra- and high-resolution aerial imagery, encompassing 99.6% of structures in the United States. Notably, the imagery undergoes regular updates, with urban areas refreshed up to three times annually. Verisk’s advanced analytics are pre-processed to facilitate swift data delivery, enabling automated underwriting processes for enhanced efficiency in the insurance sector.
“We’re confident in Citizens’ ability to implement Aerial Imagery Analytics from Verisk’s broad line of solutions that support insurers at each step of the insurance value chain to significantly improve its underwriting process,” said Doug Caccese, president of risk assessment at Verisk. “Our solution is designed to provide the accuracy and breadth of analytics needed for more precise underwriting.”
In addition to Aerial Imagery Analytics, Citizens is also licensing Roof Age, Homeowner Data, and Property History Solutions from Verisk. Imagery and property data sets can be combined for a more complete picture of the risk.
Author: Joanna England
