#USA #Salt Lake City #Nearmap #Betterview #Franklin Mutual Insurance

Franklin Mutual Improves Underwriting and Inspections with Betterview

Franklin Mutual Insurance Group (FMI), a longstanding property and casualty insurer operating primarily in the Northeastern United States, has taken a significant step toward enhancing its underwriting processes by partnering with Nearmap. This collaboration is marked by the integration of Nearmap's Betterview platform, which is designed to leverage high-resolution aerial imagery and AI-driven insights to modernize how underwriting and inspections are conducted.

The Shift Towards Innovation

In a bid to improve the accuracy and efficiency of its underwriting operations, FMI has committed to a strategy that embraces technology. Matthew McCauley, the VP of Underwriting at FMI, expressed enthusiasm about this partnership, stating that the use of Betterview allows underwriters to visualize property conditions more effectively than ever before. This technology empowers them to validate exposures and to allocate inspection resources more judiciously.

The move towards utilizing aerial imagery is particularly noteworthy. By employing the Betterview platform, FMI has gained access to timely, location-specific data that enables it to identify properties that may pose higher risks. More importantly, it significantly reduces unnecessary field inspections, ultimately cutting down operational costs and facilitating a smoother expansion into new territories with confidence.

Real-Time Data at Your Fingertips

Since the roll-out of the Betterview platform, FMI has assessed over 75,000 policies, an impressive feat that has allowed underwriters to access previously unattainable information regarding properties. For instance, aerial images have uncovered crucial details such as abandoned vehicles or even a barn lacking a roof—elements of risk that could be overlooked during traditional in-person inspections. This scalable visual intelligence underscores the vital role of technology in the insurance sector.

David Tobias, the Chief Product Officer at Nearmap, noted how Franklin Mutual's proactive approach serves as a compelling case study for the industry. He pointed out that harnessing aerial imagery and AI can yield tangible benefits in underwriting efficiency, which in turn enhances the value and protection offered to customers.

Future Plans and Broader Implications

Building on the success of the Betterview integration, FMI plans to expand its usage to include additional data layers, such as roof age and commercial property specifics, in the near future. This ongoing commitment to innovation not only fortifies FMI's position in the market but also sets a precedent for how technological adoption can transform traditional insurance practices.

In summary, Franklin Mutual Insurance Group's partnership with Nearmap represents a significant advancement in modernizing the insurance landscape. The use of aerial imagery, combined with AI-driven insights, is redefining underwriting processes by promoting efficiency, accuracy, and data-backed decision-making.

As Franklin Mutual continues to adapt to the evolving demands of policyholders, it remains dedicated to providing high-quality coverage and personalized service—principles that lie at the heart of its operations. With the Betterview platform, FMI is not just adapting to change but leading the charge toward a more innovative future in insurance.