Zurich North USA introduces AI driven underwriting using Nearmap.

Zurich North USA introduces AI driven underwriting using Nearmap.

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Nearmap is a global provider of property and location intelligence to insurers and Zurich North America has announced that as a major commercial insurer it has strategically integrated with Nearmap.

This integration has been launched in order to make the U.S. Middle Market underwriting process in Zurich more efficient and accurate.

With the implementation of AI-enhanced property insights on its platform, Zurich will decrease the amount of work done manually, enhance risk assessment, and provide customized property insurance coverage, thereby becoming more effective.

Nearmap, with Betterview, uses AI to provide the Zurich underwriters with data that is improved with quality aerial images, roof condition rating, and maintenance indicators.

These insights offer more understanding to the underwriters compared to the traditional inspections, as it yields better information enabling the able decision on whether to visit the location or not, whilst keeping speed and accuracy intact in underwriting options.

The product offers practical benefit to the underwriting teams of Zurich since it consolidates the current information about property within a single system. This enables them to rank the risks more accurately, to streamline the operations and concentrate on more sophisticated accounts that require more expertise.

The first implementation of the technology resulted in quantifiable outcomes. In this case, Zurich underwriters identified those risks that could have not been identified using traditional procedures, thus resulting in better performance of the portfolio. This success made the company turn the integration to its U.S. offices of Middle Market underwriting.

The partnership follows the tradition of long-term innovation in the city of Zurich; it includes events like the Zurich Innovation Championship, an event since 2018 awarding start-ups that can offer innovative solutions to the future.

In the case of Nearmap, this is one of the largest integrations with an international commercial insurer demonstrating the potential scalability of industrial incorporations of AI-powered imaging and analytics.

This is one of our efforts to always be creative, Alex Well, the U.S. Middle Market in Zurich North America, said, adding up to being smart and quicker in AXA to its underwriting and its broker consultations. Using these insights directly into our underwriting enablement platform helps to minimize the friction, simplifying, and eventually providing more value to our customers.

Nearmap chief product officer David Tobias, said, Zurich is showing what can be done when insurers go deeper than experimentation and push AI and routinely updated aerial imagery to scale. Having direct access to high-resolution images, that are captured and owned by Nearmap, Zurich gets a high degree of assurance and consistency that simply cannot be achieved with the help of the traditional means of analysis such as satellite data or public records parts. Through the Betterview platform, as a proprietary content, powering literal (AI enhanced) property intelligence, Zurich underwriters can be leading confidently and precisely with competence.

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1. What is Nearmap?

Nearmap is a global provider of property and location intelligence, offering high-resolution aerial imagery and data analytics to various industries, including insurance.

2. How has Zurich North America integrated with Nearmap?

Zurich North America has strategically integrated with Nearmap to enhance its U.S. Middle Market underwriting process by incorporating AI-driven property insights and improved aerial imagery.

3. What benefits does the integration provide to Zurich's underwriting process?

The integration streamlines the underwriting process by reducing manual work, enhancing risk assessment accuracy, and enabling customized property insurance coverage, leading to more efficient operations.

4. How does AI enhance the property insights provided to underwriters?

AI improves property insights by analyzing aerial images, rating roof conditions, and indicating maintenance needs, which offers underwriters more comprehensive information compared to traditional inspections.

5. What was the outcome of the initial implementation of this technology?

The first implementation allowed Zurich underwriters to identify risks that traditional methods missed, resulting in better portfolio performance and encouraging further integration across U.S. Middle Market underwriting offices.

6. How does this partnership reflect Zurich's commitment to innovation?

The partnership exemplifies Zurich’s ongoing tradition of innovation, as seen in initiatives like the Zurich Innovation Championship, which supports startups that contribute innovative solutions for the future.

7. What makes Nearmap's aerial imagery different from traditional sources?

Nearmap provides high-resolution images captured and owned by the company, ensuring a level of accuracy and consistency that surpasses traditional analysis methods, such as satellite data or public records.

8. How does the Betterview platform support Zurich underwriters?

The Betterview platform delivers proprietary AI-enhanced property intelligence, empowering Zurich underwriters with reliable and precise data, thus allowing them to make informed decisions confidently.

 

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This article was created with the assistance of an AI language model and has been reviewed and edited by the author for accuracy. While efforts have been made to ensure correct and up-to-date information, errors or omissions may occur. The content is for general informational purposes only and should not be taken as professional, legal, financial, or medical advice. Please verify key facts independently or consult a qualified expert before making important decisions.

**About the Author**
Ahmad Khan is a finance and insurance writer who uses AI tools to assist in content creation. He researches and verifies the information provided to ensure reliability. He writes guides and articles related to insurance, banking, and personal finance to help readers make informed decisions.

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