On-site property inspections by experienced survey professionals have historically been the gold standard for collecting data and insights to support underwriting. This remains true but visiting more than 15 million commercial properties across the United States isn’t feasible. So, how do underwriters get the information they need when they need it?
Digital survey technologies offer new ways to get current data, but it takes more than an Internet image search or a live video stream to accurately assess a property.
Industry expertise and knowledge should be at the core of any survey technology application. Several other factors also should be considered. Strategic deployment of this growing array of solutions is helping to optimize efficiency and maximize impact.
Keys to optimizing digital survey tools
The right tech for the risk: Ensure the property is suitable for the type of data collection, considering factors such as the level and complexity of risk and the quality of remote connectivity for any virtual technologies.
Field expertise: For any type of inspection, tap the experience of a field professional who has surveyed hundreds of buildings on site, knows what to look for, and acts on knowledge, not assumptions.
Regional knowledge: Apply a detailed understanding of geographic variations in construction types and techniques, including adaptations to local catastrophe perils such as hurricanes, earthquakes, tornadoes, and wildfires.
Image quality: Seek current, high-resolution imagery that shows the latest property changes and supports faster, more accurate capture of even the smallest details.
Diverse sources: Pair aerial imagery with reliable third-party data to confirm that information aligns. It’s a technical challenge to combine multiple sources, but if done correctly, it can boost insight and data accuracy.
How Verisk can help
Verisk has the technology and highly trained field staff to best match the appropriate digital tools with the commercial property at hand based on key characteristics such as underlying hazards, occupancy, and the presence or absence of sprinklers. Actionable data is delivered quickly, conveniently, and affordably to help insurers stay profitable and provide superior customer service.