Using Technology To Assess Commercial Property Risks

Advances in digital aerial imagery, satellites, LIDAR and drones are providing a more detailed understanding of commercial property risks than ever before.

While the insurance market is the main beneficiary, risk professionals can also benefit from these advances to help manage costs and understand property conditions.

The primary role of imagery and data tools for the commercial property insurance sector is strengthening the understanding of risk and improving underwriting accuracy.

The more an underwriter knows about the condition of a building and its surroundings, the better they can predict the risk and cost of an insurance claim. However, a deeper level of insight around the characteristics, condition, use and location of commercial properties has additional applications, particularly for older buildings.

Insurance providers are starting to use this imagery during the lifetime of the policy and when a claim arises, while risk professionals can incorporate such data into risk assessments and disaster preparation and response.