• Support
  • Log In
  • Sign Up
ANZIIF Logo
Go back
Professional Development

Need help with professional development?

Contact Support

View by Kind
Go back
View by Kind
Short Courses Qualifications Skills Units Compliance Webinars Events Articles Videos Activities Whitepapers Ask an Expert
View by Sector
Go back
View by Sector
Claims General Insurance Insurance Broking Reinsurance Risk Management Life and Retirement Income
All Professional Development The Journal Recognition of Prior Learning Your Career in Insurance
Studying with ANZIIF
Go back
Studying with ANZIIF Enrol Academic Calendar Assessments FNS20 Training Package Student Support
For Companies
Go back
For Companies Train your staff Life Insurance Professional Standards General Insurance Claims Handling Framework Reference books Government Training Incentives
Go back
Membership

Need help with your membership?

Contact Support

Member Tools
Go back
Member Tools
Login Become a member Renew or Reinstate your membership
Members Centre - Professional Development
About membership
Go back
About membership
Your Membership Guide Member Levels Benefits Certified Insurance Professionals Digital Badge Member Directory
Scholarships and Awards
Go back
Scholarships and Awards
Australian Industry Awards New Zealand Industry Awards Academic Awards Lloyds Scholarship Turks Bright Light Award ICNZ and ANZIIF Scholarship
Go back
About ANZIIF

ANZIIF is the leading membership, training and professional development organisation for the insurance and finance industry in the Asia-Pacific region. We partner with a broad range of organisations and government to provide services that support professional excellence. We help enhance standards and improve community understanding of insurance and finance.

Overview
Go back
Overview History Boards and Councils Annual Reports Media Governance Corporate Sponsorship Partners Careers at ANZIIF Contact
Community Initiatives
Go back
Community Initiatives
Your Career in Insurance Careers in Insurance Corporate Supporter Making a Difference Awards Donna Walker Awards Life Insurance Professional Standards General Insurance Claims Handling Framework Generation i
ANZIIF Logo
Professional Development The Journal
Journal
0.25CIP Points

Getting a window seat for the policy lifecycle

Dan Paull — Nearmap Executive Vice President & General Manager, Australia and New Zealand
24 Aug 2023 - Reading time 2 minutes
Claims General Insurance Insurance Broking Risk Management
Nearmap geospatial data

The Australian Bureau of Meteorology is yet to make a call on El Niño, despite having stated at the beginning of August that its development is “considered likely in the coming weeks”.

Meanwhile, the country is bracing for hot, dry weather and a greater risk of bushfires. Already, parts of New South Wales, Victoria and Tasmania have recorded their warmest July on record. 

If those statistics are a precursor of the summer to come, we need to be prepared with proactive and innovative strategies.

Doing more with less

Without exception, every business leader I speak with is trying to do more with less. Their mantra: “I need greater efficiency, higher productivity”.

This is where I see the power of location intelligence within geographic information systems playing a crucial role in preparing for and managing the impact of natural disasters.

We have a wealth of big data at our fingertips — geospatial data and artificial intelligence (AI) — available in cloud-based platforms ready to enhance existing systems with unprecedented levels of knowledge.

The key is knowing how to use it effectively.

Leveraging technology, data and insights is the first step in preparing for smarter decision making at every step in the insurance policy lifecycle — especially when it comes to processing claims.

AI-driven location intelligence safeguards 

By monitoring critical factors including vegetation, water levels, land cover, damage assessment and building condition, location intelligence can make a vital contribution to insurers in both pre-event planning and preparation, and the post-event response.

Geospatial imaging and datasets offer revolutionary insights that can help plan, prepare, respond and ultimately, build resilience.

The ability to view the current and historic condition of buildings and structures, take accurate measurements, and see a geographic context — such as digital elevation models, digital terrain models and 3D reality models — provides a more complete picture that will enhance decision making.

A new level of clarity

Augmenting insights from geospatial imaging with AI-data can bring a new level of clarity and accuracy to underwriting and claims processes.

The latest generation of AI data can quickly identify specific characteristics at scale. This includes roof materials, solar panels, vegetation (even, low, medium or high density foliage, including overhang) plus temporary and permanent repairs, structural damage, debris, wreckage, and more.

By rapidly integrating that kind of information into the policy lifecycle, insurers can gain valuable insights that improve decision-making, speed up the delivery of support, help minimise further damage and ultimately, lead to better customer service.

Even before a loss occurs, insurers can leverage geospatial data to help mitigate risk.

For example, over the last three years, higher rainfall due to La Niña weather patterns has contributed to the lush and thick growth of grass in areas that may not typically experience such high growth. This increases bushfire risk.

Armed with insights from aerial imagery along with AI-derived data, insurers can identify preventative opportunities and the relevant action can be taken, such as reducing vegetation and clearing overhang.

Location intelligence also gives claims assessors and loss adjusters a window-seat view to quickly and remotely assess disaster impacts on a large scale plus speed up their response times and help restore impacted communities.

Bolster resilience and facilitate recovery

Between the 2019-20 Black Summer bushfires and 2022 floods, Australia still has much to learn to shape its disaster preparedness and response strategies.

For example, in the aftermath of a natural disaster, quick insurance claims settlement is crucial to aid community recovery. However, some insurers can take up to four months to make a decision following the first notice of loss.

By harnessing the insights provided by location intelligence, insurers can quickly assess post-disaster damage at scale — remotely and more accurately —  to expedite the claims process.

Remote assessment also enhances safety, removing the need for teams to enter hazardous or hard-to-reach disaster zones.

Effective disaster governance requires a collaborative effort between multiple stakeholders — emergency services, local government, insurers and communities.

Embracing innovative technology solutions will help empower us to proactively manage risks and challenges, safeguard our communities and protect our precious ecosystems and infrastructure.

Through collaborative efforts and advanced technology adoption, Australia can pave the way towards a safer and more resilient future. That’s a future I want us all to be part of.

Image — Nearmap geospatial imaging of Echuca following the 2022 floods

This is Worth

0.25 CIP Points

Login to Collect Points & Comment
What are CIP Points? About ANZIIF Membership
Your comment has been successfully posted

Comments

Loading comments

Remove Comment

Are you sure you want to delete your comment?
This cannot be undone.

kitchen sink logo
  • About
  • Professional Development
  • Membership
  • Compliance
  • Contact Us
  • Enrol
  • Become a Member
  • Login
  • Privacy Statement
  • Terms & Conditions

© Copyright The Australian and New Zealand Institute of Insurance and Finance Inc. 2021

RTO NO. 3596