In order for Property & Casualty insurance carriers to accurately assess and price property risk, it all starts with being able to identify the precise location of a policy.

In the past, insurance carriers relied upon street interpolated address points or parcel-level geocoding in order to assess and price risk.

These geocoding methods would take an address, then use address interpolation to try and predict where an address fell on a street segment or parcel.

As you can see from the image above, these methods of geocoding can lead to improper address placement, which can quickly lead to inaccuracies when assessing flood zones, storm surge, rating territories, protection class, crime, hail, wildfire and more.

Using building footprints, insurers now have the ability to enter an address and identify the exact location of a structure within a parcel boundary. This is true rooftop geocoding!

The example below shows how building footprints outline specific buildings within a parcel boundary.

With building footprints, property insurers now have a way to identify the exact location of a policy’s address and corresponding buildings within a parcel.

The benefits of rooftop geocoding can felt throughout the P&C property insurance lifecycle from quoting all the way through claims response. Examples include:

• Reduce post bind adjustments by identifying the correct location during the time of quote
• Improve underwriting accuracy by assessing the true impact of flood, wildfire, hail, wind, crime, etc., on each structure within a parcel boundary
• Gain additional insights by measuring the distance between buildings, distance to coastline & inlets, distance to fire hydrant and more
• Reduce underwriting leakage and underinsurance by identifying the precise location of each structure within a parcel boundary
• Understand the impact of severe weather events at the address level to proactively communicate with policyholders before first notice of loss (FNOL)
• Reduce fraudulent claims payouts by validating addresses during FNOL
• Improve the accuracy of catastrophe modeling and predictive analytics by determining the correct location of an address

Most building footprint providers focus on aggregating public and private building footprint information. EarthDefine is different. Our focus is on generating building footprints by using artificial intelligence (AI) and the latest aerial and lidar imagery.

To provide the most accurate footprints possible, we are continually training our AI to refine and capture precise structure boundaries. With each building footprint, EarthDefine will return:

Are you looking to gain more insights into buildings and properties? If so, we can merge assessors’ data into our building footprints to link vital building characteristics, such as year built, square footage, number of stories, ownership and much more.