PriyaPatel
TLDR:
Geospatial intelligence, a combination of geospatial data, artificial intelligence (AI), and computer vision, is set to transform the property insurance industry by enhancing underwriting processes. The shrinking cost and size of new age satellites have increased the quality of geospatial data captured. AI and computer vision techniques are used to process and analyze this data, unlocking the potential of geospatial intelligence for smarter insurance practices.
Key Elements:
- Geospatial intelligence combines geospatial data, AI, and computer vision.
- New age satellites provide high-quality geospatial data for insurance industry.
- AI and computer vision techniques help in processing and analyzing geospatial imagery.
- Geospatial intelligence is leveraged for risk assessment, loss prevention, underwriting, and claim management.
- InsurTechs are offering custom-built solutions using geospatial intelligence.
- Tech Mahindra integrates geospatial intelligence for better underwriting and claims processing.
Geospatial intelligence is the new frontier for the insurance industry, offering better data and insights to manage risk and improve bottom lines. As natural and man-made disasters increase, insurers will rely more on geospatial intelligence to make informed decisions.
