Connecting Insurers to Valuable Imagery with Metadata at Verisk Elevate
At this year’s Verisk Elevate event, the discussion was all around how platforms, tools, and imagery will help increase insurers capability to respond to emerging trends and help their customers with greater ease. Verisk President of Claims, Rich Della Rocca, shared in the opening keynote discussion how the claims lifecycle is changing and why organizations, like the GIC, help insurers improve processes across their different departments. “We are seeing a natural evolution occurring with many core ecosystems. It’s only limited by the creativity and innovativeness of the companies out there,” he mused.
In the Experience Lab at Elevate 2022, attendees saw firsthand the high quality and vast coverage the GIC has in its aerial imagery library. Plus, it was the first time at an in-person event where building footprints and property attributes were on display. The ability to extract valuable metadata, such as swimming pools, roof type, solar panels, vegetation types and so much more, help insurers gain critical knowledge about a property when making decisions in underwriting or processing claims.
Breakout Session on Geospatial Information
Erik Jorgensen, CEO of Vexcel Group (the operations partner for the GIC), presented alongside Jeff Taylor, President of 3D Visual Intelligence at Verisk, on the second day of the conference. Their session showcased the multiple aerial imagery and data products provided to GIC members and what use cases highlight their value.
“When you see the intelligence the GIC is putting into planes,” shared Taylor, “you get a better understanding of why this data is better, why it’s the best value for insurers.”
“We know that when we provide great data, it results in great derivatives,” said Jorgensen. “This mass scale collection we do in over 20 countries also needs reliable ways for insurers to access it. And the sheer amount of data we’ve collected has just exploded along with greater abilities to analyze the data. There are fun years ahead of us!”
Other highlights shared in the session included:
- Introduction of Elements, a way for GIC members to get building footprints and property attributes
- Announcement of transactional pricing, opening up new ways for smaller insurers to access the GIC’s massive library
- Gray Sky events covered in 2021 and what lies ahead in 2022