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‘Huge business prospect from insurance sector’

US: Pictometry International Corp., an aerial oblique imagery and measuring software provider, estimated that millions of roof measurement reports and aerial imagery data will be sold to insurance companies in coming days. The company aims to triple its revenues over the next five years. In an interview with democratandchronicle.com, Pictometry CEO Richard M. Hurwitz said that the insurance industry is poised to rely solely on those aerial reports as it cuts workers’ compensation costs and allows adjusters to spend more time with claimants.
Hurwitz observed, “The industry is under dramatic pressure to change. Very large companies are making very large bets. In the past few years, Apple acquired two mapping companies Placebase and Poly9. A whole host of players are coming in terms of hardware and software. Twenty-nine percent of all searches on Google and Bing emanate out of location-based inquiries, growing to 50, 60 percent.” He added, “The point of all that is that the industry Pictometry is playing in is one that has a lot of dollars, a lot of emerging sophistication and a lot of change. The value chain is morphing. And so, too, must this company.”
According to Hurwitz, Pictometry is spending a lot of time moving from a visualisation tool where the company can look at that unique data to a company providing solutions. With the GeoEstimator acquisition, Pictometry is now delivering answers to a targeted customer base. The insurance industry is prepared to go 100 percent toward remote measurement of roofs.
Source: www.democratandchronicle.com