The Property Intelligence Report: Aerial Imagery Deep Dive

Welcome to our inaugural issue of The Property Intelligence Report, where we explore the latest developments in property intelligence technologies and their impact on the insurance industry.

TECHNOLOGY SPOTLIGHT: Aerial Imagery Technologies

Aerial imagery has revolutionized property assessment, enabling insurers to gather detailed property information without physical inspections. Let's examine the various technologies that make up this growing field:

Understanding Aerial Imagery Technologies

• Satellite Imagery

  How it works: Satellites orbiting Earth capture images from altitudes of 300-1200km, providing broad geographic coverage.

  Resolution: Typically 30-50cm per pixel for commercial satellites.

  Advantages: Wide coverage area, historical archives available, no flight permissions needed.

  Limitations: Lower resolution than other methods, cloud cover interference, less frequent capture intervals.

  Insurance applications: Portfolio-wide property assessment, catastrophe response at scale, identifying regional patterns.

• High-Altitude Aerial Photography

  How it works: Fixed-wing aircraft flying at 5,000-30,000 feet capture images using specialized cameras.

  Resolution: 5-15cm per pixel.

  Advantages: Better resolution than satellites, can cover large areas efficiently, weather flexibility.

  Limitations: Requires flight planning and permissions, higher cost than satellite for small areas.

  Insurance applications: Pre-binding inspection alternatives, claims verification, regional catastrophe assessment.

• Low-Altitude Aerial Photography

  How it works: Aircraft flying at 1,000-5,000 feet capture detailed imagery.

  Resolution: 2-5cm per pixel.

  Advantages: Very high resolution, captures fine details of structures.

  Limitations: More expensive per square mile, smaller coverage area than high-altitude.

  Insurance applications: Detailed property condition assessment, roof inspection, claims validation.

• Drone Imagery

  How it works: Unmanned aerial vehicles flying at 50-400 feet capture close-range images.

  Resolution: Sub-centimeter (often 1-3cm per pixel).

  Advantages: Extremely detailed imagery, flexible deployment, ability to capture oblique angles.

  Limitations: Limited coverage area, requires on-site operation, regulatory restrictions, weather sensitivity.

  Insurance applications: Individual property inspections, claims assessment, hard-to-access property features.

• LiDAR (Light Detection and Ranging)

  How it works: Laser pulses measure distances to objects, creating precise 3D point clouds.

  Resolution: Millimeter to centimeter accuracy for elevation data.

  Advantages: Creates accurate 3D models, works in low light, can penetrate vegetation.

  Limitations: More expensive than traditional imagery, requires specialized processing.

  Insurance applications: Flood risk modeling, building measurements, structural analysis, terrain mapping.

• Infrared/Thermal Imagery

  How it works: Captures heat signatures using infrared sensors.

  Resolution: Varies by platform but typically lower than visible spectrum imagery.

  Advantages: Can detect issues invisible to the naked eye (moisture, heat leaks, electrical issues).

  Limitations: More specialized interpretation required, affected by environmental conditions.

  Insurance applications: Identifying moisture intrusion, electrical hazards, insulation issues, hidden damage.

Key Technology Tradeoffs

COMPANY SPOTLIGHT: Leaders in Aerial Imagery for Insurance

• Airbus Defence and Space: Offers satellite imagery through their OneAtlas platform, providing global coverage with applications in catastrophe response and large-scale property risk assessment. https://space-solutions.airbus.com/industries/finance-banking-insurance/
• Cape Analytics: Rather than capturing imagery themselves, Cape focuses on extracting property intelligence from existing aerial imagery using computer vision and machine learning. Their API delivers property attributes like roof condition, vegetation proximity, and solar panels to insurance carriers. https://www.capeanalytics.com/
• DroneBase: Combines drone technology with AI analytics to provide property intelligence services. Their platform uses a network of professional drone pilots to capture high-resolution imagery on demand, serving insurance companies with inspection and claims assessment needs. https://www.dronebase.com/
• EagleView: Pioneers in property intelligence combining aerial imagery with property data. Their Reveal™ solution provides detailed property attributes for underwriting, including roof condition assessment, solar panel detection, and property measurements. They maintain one of the largest aerial imagery databases in the US. https://www.eagleview.com/
• FireWatch: Specializes in aerial mapping and data services focused on wildfire preparedness, conservation, and urban forestry. They provide vegetative fuel maps that help communities, fire agencies, and insurance companies mitigate wildfire risks through multispectral imaging and GIS solutions. www.firewatchteam.com
• ICEYE: Specializes in synthetic aperture radar (SAR) satellite imagery that can capture property details through clouds and at night. Their technology is particularly valuable for flood monitoring and rapid catastrophe response, providing insurers with timely data regardless of weather conditions. https://www.iceye.com/
• Kespry: Offers an end-to-end aerial intelligence platform using drone technology specifically designed for insurance inspections. Their automated flight and data processing systems streamline roof inspections and claims assessment workflows. https://www.kespry.com/
• Maxar Technologies: Provides high-resolution satellite imagery and geospatial solutions that help insurers assess property risk and respond to natural disasters. Their SecureWatch platform delivers on-demand access to their vast imagery archive for insurance applications. https://www.maxar.com/
• Nearmap: Offers high-resolution aerial imagery with frequent capture cycles in urban areas. Their patented camera systems provide oblique views and measurement tools specifically designed for insurance workflows. In 2023, Nearmap acquired Betterview to enhance their property intelligence offerings. https://www.nearmap.com/
• Planet Labs: Operates a constellation of over 200 satellites providing daily imagery of the entire Earth's landmass. Their high-frequency capture capabilities enable insurers to monitor property changes over time and quickly assess damage after catastrophic events. https://www.planet.com/
• Verisk: Their Geomni division specializes in aerial imagery and data analytics for property risk assessment. Their solutions combine aerial imagery with artificial intelligence to extract property characteristics relevant to insurers. https://www.verisk.com/
• Vexcel Imaging: Provides ultra-high-resolution aerial imagery through their UltraCam systems and data program. Their Blue Sky framework ensures consistent imagery quality, and they've become a key provider for post-catastrophe imagery through the Geospatial Insurance Consortium (GIC). https://www.vexcel-imaging.com/

MARKET TRENDS: Integration of AI with Aerial Imagery

The integration of artificial intelligence with aerial imagery is transforming the property intelligence landscape. Machine learning algorithms can now automatically extract dozens of property attributes from aerial images, dramatically reducing the need for manual inspection and analysis. This combination of technologies enables insurers to make more accurate underwriting decisions at scale while reducing costs.

Key trends in this space include:

• Computer Vision Advancement: Deep learning models are now capable of detecting minute details like roof condition, construction materials, and property modifications with increasing accuracy.
• Real-time Analytics: Processing time has decreased from days to minutes or even seconds, allowing insurers to incorporate aerial intelligence into their workflows without significant delays.
• Multi-source Data Fusion: Companies are combining aerial imagery with other data sources (property records, weather data, IoT sensors) to create comprehensive property risk profiles.
• Automated Change Detection: AI systems can now identify property changes over time by comparing sequential imagery, flagging potential policy discrepancies or undetected risks.
• Edge Computing Integration: Processing increasingly happens on-device (particularly with drones) to reduce data transmission requirements and enable real-time decision support.

The trend toward real-time AI analysis of aerial imagery is expected to accelerate as computing power continues to increase and algorithms become more sophisticated. Insurance carriers are increasingly incorporating these technologies into their standard underwriting workflows rather than treating them as supplemental tools. This shift is creating new opportunities for both established players and startups to provide specialized solutions addressing specific property risks.

Join Finsure and Insurance Nerds for the Property Intelligence Webinar: Q3 in Review.

• News Highlights: Get up-to-date insights on current events and happenings shaping the Property Intelligence landscape.
• A conversation with Bob Frady & John Siegman from PropertyLens, one of the component companies in our Property Intelligence Database.
• The PropertyLens value proposition - PropertyLens transforms property risk assessment by combining multi-source aerial imagery with AI analytics to deliver actionable property intelligence in real-time. Their platform provides insurers with comprehensive property attributes from roof condition to environmental hazards without requiring physical inspections, reducing underwriting costs by 35% while improving accuracy by 40%. What sets PropertyLens apart is our proprietary change detection algorithm that continuously monitors properties and automatically alerts carriers to emerging risks, helping prevent losses before they occur.

REGISTER, FOLLOW, & COMMENT HERE - https://www.linkedin.com/events/thepropertyintelligencewebinar-7357477500144218112/theater/