Geospatial or location-based information affects everybody. Every insurance company writes policies or file claims at a location, so the more we know about any individual location the better. The industry could really benefit from it. We put together a consortium, called the Geospatial Intelligence Center. It’s a geospatial consortium made of insurers for insurers, and we are collecting, producing and analyzing location based or geospatial data (Aerial geometry).
We think that insurers will benefit from Geospatial Intelligence because they have better data about the locations that they are writing policies about or they have better data about the claims that happen. We are flying areal imagery. Super, super high resolution. Much higher resolution than satellite imagery. We are flying the entire US every single year. And then for the top 150 metropolitan areas or regions, we are flying 360 degrees imagery. So, you can see every house we fly over on those areas from 360 degrees, and we do it every year. We will also respond disasters, so every time there is a disaster we go back and fly it again. So, you can do before and after comparison. This let you make decisions very quickly. It let’s you support your customers and your customers base by being able to be more responsive to them. It let you limit your fraud exposure, because you have the before and after and if that doesn’t align with what you think it should there is obviously some question that you need to look at there.
Insurance companies all over the US are using it. We launched the US program last fall and they are able to see as claims come in. They are able to see, whether or not, that it matched with what they think it should. And they get the before, they are getting the imagery as it was taken a day or two after a hurricane for example and they get the imagery from the claim itself and those should all align. And if not, they question it. Field offices and special agents across the country from NICB and member companies are using this and seeing all kinds of interesting questionable claims coming in.