Suncorp uses geospatial data and AI to simplify home insurance – Finance – Software
Suncorp has claimed an “industry-first” use of geospatial technology to reduce the number of questions it has to ask home insurance prospects.
In the company’s annual report [pdf]Released today, the insurer said it “introduced new geospatial technology” in FY22 “to streamline the process and reduce the number of questions customers have to answer when purchasing insurance dwelling”.
“We can now identify property attributes from aerial imagery of over 9 million Australian homes combined with artificial intelligence,” Suncorp said.
“This has removed approximately 50% of questions about ownership attributes in our online platforms and call centers.”
Suncorp added that it is also able to use the same data to “make better business decisions” through its pricing and underwriting functions.
The company has not described the architectural underpinnings of the platform it uses.
Elsewhere in insurance, Suncorp similarly uses geospatial data, aerial imagery and AI “to detect damage from natural disasters.”
That effort is managed by its Event Control Center, a facility set up earlier this calendar year to help “communities affected by extreme weather” respond.
The center uses “near real-time data” as input to its decision-making.
More broadly, across its insurance business – including mass-branded home, auto and mandatory third-party (CTP) products – Suncorp reported growth in the use of digital customer service.
He said online self-service registrations increased 50% in FY22 and digital service transaction volumes increased 23%.
Additionally, Suncorp said 4.4 million questions were asked by customers to its chatbot during the fiscal year, a 276% year-over-year increase. He did not provide a resolution figure.
Much of the company’s broader digital efforts, part of a three-year strategic plan, were previously unpacked during its half-year results; six months later, the strategic orientation and trajectory remain substantially the same.
Suncorp’s after-tax group net profit for the full year was $681 million, down 34%, due to natural disasters and ‘investment market volatility’ .