Onsite AI
Transforming your insurance underwriting process by creating digital prints of properties across the world. Powered by Google Cloud.
The Challenge
The global property insurance industry accounts for hundreds of billions in revenue annually. It’s an industry that is dependent on access to accurate data in a timely manner. Yet, when it comes to assessing commercial properties, increasing time and resource pressures are significantly impacting the underwriting process for insurers, as collecting data on properties is a challenge.
Onsite visits are becoming less frequent, and legacy information systems are quickly becoming outdated. In fact, it’s often impossible to visit all sites and in some cases only 10-15% of commercial properties that are underwritten are fully assessed with an onsite visit.
Without access to reliable data, and without being able to get to every location how can you be sure that you are accurately evaluating and analysing the associated risks, when deciding if and how to insure a property?
Onsite AI has been built to transform the underwriting process. By creating a digital print of any location across the world it provides you with the intelligence you need to underwrite a property without being onsite using real time, on demand data.
Benefits
Reduces the need for physical inspections
Decisions can be made using real-time intelligence rather than site visits, saving you time and money.
Improves risk assessment and portfolio management
Machine learning and deep learning algorithms provide accurate information as and when you need it, allowing for better risk assessment.
Enables personalised pricing for customers
Drawing on global data sources to create tailored and more competitive pricing for customers.
Accelerates the quotation process
Time freed up from not having to request and rely on information from customers and brokers.
Leverage specialist expertise
Onsite AI has been designed and built by our specialist in-house capabilities including data scientists, AI engineers and actuaries.
Grow businesses in new locations and markets
Provides data on any building around the world, so you can look at new opportunities.
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Features
OnsiteAI includes the following key features:
- Scalable for any portfolio size
- Extensive global and local data coverage
- Machine learning algorithms
- Detects property features in near real-time
- Secure environment
- Integrates with your data
- Customisable through module selection
How it works
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Mining global data sources
Machine learning algorithms extract, transform and combine unstructured and structured data. The algorithms draw on a range of sources: open data, satellite and aerial imagery, social media, news, Light Detection and Ranging (LIDAR) technology and maps data.
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Creates a digital print of properties
The data sources are used to provide you with all you need to know about the building you are assessing, without needing to visit onsite. As well as delivering the attributes of any building around the world, Onsite AI leverages additional analytics from local surroundings, 3D building generation, building detection, interior scene analytics, facade classification and local points of interest.
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A simple, seamless journey
Onsite AI provides an API so that insights on all properties can be easily integrated to your existing database.
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End to end expertise
All data and insight is supported by Deloitte and Google Cloud's in-house capabilities from data scientists, AI engineers and actuaries. By leveraging AI, vast data sources and cloud technology, Onsite AI helps to ensure you have the intelligence you need.
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