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 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
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NEWSLETTERS

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RISK ALL STARS



RISK ALL STARS OVERVIEW

Topics: Award Applications | Risk All Stars | Risk All Stars Application



What is a Risk All Star?

Risk & Insurance® strives to identify emerging risks and mitigation strategies,
while covering the fascinating people who drive the industry forward. Our goal
is to inform and help our readers succeed in their careers as well as to inspire
and motivate them.

Risk & Insurance® All Stars embody this credo. They stand out from their peers
by overcoming challenges through exceptional problem-solving, creativity,
perseverance and/or passion. By presenting their stories, we strive to recognize
outstanding accomplishments while also providing our readers with ideas,
solutions and motivation to overcome similar challenges.

Who is eligible for the award?

Eligible nominees include any individual with responsibility for managing risk
or claims for their employer. For example:

 * Risk Manager
 * Claims Manager
 * Workers’ Comp Professional
 * COO
 * CFO
 * Owner/CEO/President
 * Any other professional responsible for risk management or claims

Who selects the winners?

Risk All Stars are selected by editors at Risk & Insurance® magazine.

What criteria are used to select winners?

Winning applicants are selected based on the compelling nature of their story
and accomplishments. The central question is, “Does the applicant’s story inform
and/or motivate others?” While a compelling story is most important, winners
also will exhibit success in any of the below:

 * Problem-Solving
 * Creativity
 * Perseverance
 * Passion

Nomination process

Applicants can apply directly or be nominated by a colleague, broker, insurer or
service provider.

Risk & Insurance® editors review all applicants and narrow the pool down to
finalists based on the application. Each finalist is then interviewed by a staff
member. A summary of the interview along with an evaluation form is completed by
the editor performing the interview.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process

Once all interviews are complete, the judging team meets to review the
interviews and evaluations. Winners are selected.

There is no limit on the number of winners. Each Risk & Insurance® All Star is
chosen based on the compelling nature of their story.

Publication

Winners will be announced in the July/August 2023 issue of Risk & Insurance®.
The information will also be featured on the Risk & Insurance® website, and via
eNewsletter, magazine digital edition and app. A profile highlighting each Risk
All Star’s story along with a head-shot is presented by industry category.

Award Boxes

A few weeks after the winners are announced, each Risk & Insurance® All Star
receives a copy of the print issue, an award and additional promotional items.

Download the 2022 Logo Usage Agreement and PR Statement.

2023 Application Deadline: June 2, 2023

Winner Announcement Date: July/August (7/17/23) Issue








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SPONSORED CONTENT BY NEARMAP



HOW AERIAL INTELLIGENCE IS HELPING INSURERS MINIMIZE EXPOSURES AND SAFEGUARD THE
FUTURE

High-temporal resolution images are giving a whole new meaning to the
“bird’s-eye” view AI can give carriers.
By: Nearmap | February 6, 2023

They say, “a picture is worth a thousand words.” For insurers that have access
to aerial imagery with pixel resolutions high enough to capture what’s really
happening on the ground in their books of business, pictures are turning out to
be worth millions.

Take the case of a U.S. carrier covering California properties with tens of
thousands of newly installed, undisclosed pools. The add-ons are courtesy of the
surge in demand for at-home amenities that came about as many of us were limited
to our home spaces during pandemic shutdowns.

With most property owners not disclosing these upgrades to the insurer many
carriers found themselves with increased exposures at renewals; exposures they
hadn’t factored into their premium rates.

One insurer was able to bridge this coverage gap by tapping into images and
insights captured over the span of three years by Nearmap aerial imaging.

Kevin Tulp, Senior Solutions Engineer at Nearmap

“The original name for the project was COVID pools,” said Kevin Tulp, senior
solutions engineer at Nearmap.

By using application programming interfacing (APIs), Tulp’s team, with the help
of Artificial Intelligence-created models, pulled high-resolution images of
nearly 1 million properties on the carrier’s book from 2019 to 2021 and found
that 80,000 pools, or about 8% of its book of business, had been built.

“Can you even imagine the premium leak on 80,000 pools?” Tulp shared.

Not only did identifying these pools give the carriers the opportunity to help
the property owners make sure their pools are being maintained properly, but it
also recovered a substantial portion of that lost premium.

Aircraft equipped with the company’s advanced camera systems continuously
capture cities across the US as well as ad-hoc post-catastrophe event imagery;
all of which consistently replenishes the imagery database.

Being able to see over time what’s been happening on the ground is one part of
the equation. Using deep-learning AI models, Nearmap extracts and digitizes
property features such as roof materials and vegetation that provide insurers
with an in-depth look at a building’s footprints. That visibility can strengthen
risk reduction, (think vegetation management in wildfire-prone areas) and assist
risk engineers and contractors in bolstering structural integrity.

“Since we’re capturing [images] so often, on the underwriting piece they can
reference prior images to understand the property beyond [what’s seen from] a
human looking at it,” Tulp said. “And then we’re also driving our own machine
learning, so we’re quantifying what we’re seeing.

“We’re able to provide a cost-effective way to understand a carrier’s entire
book of business,” he added.


HIGH-RES IMAGERY COMBINED WITH AI CHANGES THE UNDERWRITING GAME

Getting a clear picture of damages after severe weather events and catastrophes
is invaluable for first responders and government contractors, for sure.

But when it comes to commercial and personal lines insurance, underwriters say
that having the ability to fully integrate high-level location intelligence into
their platforms changes the game for their operations.

Even for carriers with GIS experts and catastrophe modelers on staff, aerial
intelligence helps their data analytics teams get out of the Excel spreadsheets
and sharpen their focus on the real risks they’re underwriting.

“We actually really rely on it to look back at the time series of information,”
said Bryan Adams, SVP, head of catastrophe analytics, Arch Insurance. His team
has fully integrated aerial imagery and AI by Nearmap into its platform to help
drive underwriting performance.

“We don’t need to go out to a secondary system and look at locations … When the
underwriters look at it, they’re able to look at all that information quickly
and easily on every single building that we underwrite,” he said.

Being able to seamlessly compose a complete picture of how a property has
changed over time in terms of roof conditions, landscaping, or proximity to the
coast, for example, “that’s very, very powerful,” Adams said.

“So not only can [underwriters] reference images of the property in question,
but we’re also giving them tabular information to say, here’s the square
footage; here’s any damage we’re seeing on the roof; here’s how tall the trees
are on the property; this is the makeup of the ground around that area,” Tulp
gave as examples.

And Tulp sees Nearmap’s continued refinement of its scoring and assessment
system helping insurers make underwriting more efficient by quickly accessing
deep dive into a property’s risk level: “We can break it all the way down, very
granularly in things that would’ve required either [countless] phone calls or
boots on the ground to confirm that information.”


GETTING MORE FROM THE CLAIMS EXPERIENCE

As insurance pushes to be more than a commodity, carriers who use aerial
intelligence are differentiating themselves among customers by providing faster
turnaround times on claims.

The more intense storms and wildfires become, the more difficult it will be to
get vehicles on roads and experienced adjusters to assess damages after
catastrophic events.

Insurers that cover areas prone to severe weather events are increasingly
relying upon aerial imagery to help them expediate the claims triage process. As
one Florida-based carrier said, “it’s helpful to be able to use [Nearmap’s
technology] to help adjusters work more efficiently.” Having the analytical
capability to identify the worst claims first, adjusters can be matched with the
insureds most in need.

“When property owners incur massive amounts of damage to their properties, it
would take months to actually confirm all of that,” Tulp said. “We’re turning
that into days with our machine learning technology and our imagery to be able
to see and quantify the damage.”

Applying artificial intelligence to claims data and imagery after historic
events like the Marshall fire that devoured acres of Colorado in 2021, helps
insurers work with insureds to prevent future events.

One of Tulp’s most rewarding use cases was examining Marshall’s aftermath on a
scenic Colorado neighborhood surrounded by abundant wildlife. As the fire rushed
through, all of the houses near high tree canopy were destroyed.

“So we did a retroactive study and pulled our AI imagery from the recent capture
we had, which was three months prior to the [Marshall fire], and we were able to
see each one of those houses that was destroyed and the ones that weren’t, and
see if there was any predictive signal as to what could have happened,” Tulp
explained.

“And sure enough, with about 95% accuracy, we saw that homes with tree overhang
or medium-high vegetation within a certain threshold were burned by the wildfire
… And then the ones that didn’t have those attributes, say in a newer
neighborhood, they survived it.

Ultimately, the carrier used Nearmap visuals and analysis to quantify the claims
and damages and improve its loss control and prevention services for insured
property owners.

As Tulp reflects on what his team learned from its review of the claim data and
imagery coming out of Marshall, the question for him boils down to “can we
prevent future destruction, according to what we’re seeing on the ground and
what we are able to include in our studies?”

And from his vantage point, the answer is clear: “Yes, we can.”

For more information, please visit Nearmap at www.nearmap.com/insurance.





This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with Nearmap. The editorial
staff of Risk & Insurance had no role in its preparation.


Nearmap regularly captures current, high resolution imagery and property
insights across more than 100 million residential and commercial parcels in the
U.S. and 10 million in Canada, giving the North American insurance ecosystem
unprecedented access to truth on the ground to make critical decisions across
the entire policy lifecycle — from mitigating risk and calibrating price, to
supporting underwriting and renewals, to speedy investigation and processing of
claims with both pre- and post- catastrophe data.







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Click to Copy
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Sponsored Content by Nearmap

HOW AERIAL INTELLIGENCE IS HELPING INSURERS MINIMIZE EXPOSURES AND SAFEGUARD THE
FUTURE

February 6, 2023