Near Space Labs for Insurance

Empower confident decisions and build stronger relationships with policyholders with highly accurate property data, powered by zero-emission technology.

Drive Accuracy and Responsiveness throughout the Policy Life Cycle

Near Space Labs offers up to date and time sensitive imagery to support use cases across the policy lifecycle.

Underwriting

Improve competitiveness with unique and up to date information that improves risk assessments and pricing outcomes, while providing evidence of preexisting conditions after a claim is made.

Post-Catastrophe

Assess damage, validate claims, and respond quickly to catastrophes with imagery delivered 48 hours after a severe weather event.

PostCAT40

Monitor recovery efforts and reduce losses from reoccurring claims in high risk locations.

Imagery Without Tradeoffs

Decisions are only as good as the data that drives them. Don’t make compromises.

Wide-Scale Captures

Achieve full coverage of large metropolitan areas, suburbs, and rural locations with our ability to capture entire cities in a matter of hours.

Time Sensitive

Highest Quality Orthorectified data delivered within 48 hours of a severe weather event.

Ultra High-Resolution

See detailed views and conditions of insured properties with ultra high-resolution imagery.

Zero-Emissions

Achieve environmental, social, and governance goals by incorporating our sustainable Earth imaging solution.

See how insurers are using our imagery

Top insurers are implementing high-quality property data into their workflows to more accurately assess a property’s condition, enhance catastrophe response plans, and reduce losses from recurring claims. Take a look at the below scenarios to learn why high-quality property data is critical to achieve these goals.

Build a Source of Truth, to Accelerate and Authenticate Claims Pre- and Post-Cat

Current challenge

Customers are switching carriers at an alarming rate due to poor claims experiences, leaving $170 billion in premium at risk over the next 5 years, according to Accenture. Furthermore, research indicates that fraud occurs in about 10% of property-casualty insurance losses, amounting to a staggering $45 billion annually. Carriers need a solution that will allow them to validate damages, reduce expenses, and accelerate the claims process to improve customer satisfaction and reduce churn.

Our solution:

With Near Space Labs’ pre- and post-cat imagery, carriers are validating and accelerating claims, whilst reducing litigation and expenses. With timely post-cat imagery, assessors can remotely determine the extent of damage, triage inspections to partial loss cases and immediately get paychecks to customers in the case of a full loss without the need for an on-site visit. By improving operational efficiency, costs are reduced and the customer experience improves.

Near Space Labs' image of a damaged property in Jacksboro, Texas after a tornado.

Rapid post-cat imagery allows for quick triage response

Near Space Labs' image of the same property in Jacksboro, Texas without damages, before the tornado.

Recent pre-cat imagery authenticates and accelerates claims

Improve Risk Assessment

Current challenge

Outdated data leads to inaccurate risk assessments which can result in carriers pricing policies incorrectly, adding increased risk to their portfolio and leaving the policyholder underinsured. In order to avoid these negative consequences, it is essential for carriers to prioritize the use of up-to-date data in their quotation processes.

Our solution:

With Near Space Labs’ highly recent imagery, carriers capture true risks, leading to more accurate and competitive policy quotations. Plus, carriers are able to drive the policies they want, de-risk the portfolio and improve the customer experience.

Near Space Labs' image of a neighborhood showing details of the dwelling and fenced-off property.

Older imagery misses the addition of solar panels which increases exposure.

Near Space Labs' image of the same property with the addition of solar panels to the roof.

Highly recent imagery captures the current condition and additions, leading to accurate risk assessment.

Take Preventative Actions to Mitigate Risk and Prevent Future Losses

Current challenge

The US insurance industry is facing significant challenges, with reports stating carriers collectively losing $480 billion in 2021, representing a loss ratio of over 60%. And due to climate change, natural disasters have significantly increased causing more severe and frequent damages to properties, and thus, more claims. Insurers need a solution that allows them to keep up with the pace of change, reduce losses, and prepare for future catastrophic events to come.

Our solution:

With the most recent property data available, carriers are proactively identifying risks to properties and taking preventative actions to mitigate risk and avoid potential claims losses. For example, a carrier may inform a policyholder of missing shingles on their roof and help them fix the damages before it becomes worse. Using our highly refreshed imagery, carriers can identify and proactively mitigate current risks to policies and help save their customers as well as themselves from future catastrophic losses.

Near Space Labs' image of a neighborhood showing houses with different types of roofing material.

Neighborhood upgrading to more resilient metal roofs

Near Space Labs' image of school in Indiana undergoing a roof replacement, surrounded by colorful green, yellow, and orange trees.

Property undergoing roof replacement to prevent future damage

Near Space Labs Surveys for Secondary Perils

Learn more about how carriers can settle claims more quickly and accurately, helping to mitigate the impact of these perils on homeowners and businesses.

Near Space Labs' image of a damaged neighborhood in Jacksboro, Texas after a tornado.

Up to 70% of insured losses now attributed to severe thunderstorms

Secondary perils, such as severe thunderstorms, are increasingly causing significant damage to properties and disrupting the lives of homeowners and business owners. Using Near Space Labs Survey imagery, carriers can enhance disaster preparedness and claims processing to provide quick relief to customers.

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