Portfolio Benchmarking is an add-on to Portfolio Intelligence in Betterview that gives insurance carriers an independent view of how their portfolio compares to the wider market. Until now, carriers could only see the properties they insure, that is, their own book in Portfolio Intelligence. Portfolio Benchmarking changes that by presenting the roofs in a carrier's portfolio against Nearmap's US property database. Both the portfolio data and the market background are scored in the same way, so any difference between a carrier's book and the market reflects a real gap.
We cover 88.5% of the US population. the properties covered by our imagery program are included in the benchmarking calculation.
In essence, Portfolio Benchmarking scores your properties, compares them to an external benchmark, and shows you where your portfolio is performing above or below expectation, both on a map and across summary charts.
Portfolio Benchmarking is available only in the United States, and is a subscription-based add on.
The Portfolio Benchmarking addon is delivered via an easy-to-use and intuitive user interface to help you dive into relevant data for detailed analysis.
Why Portfolio Benchmarking?
Find bad risk concentration and reduce portfolio losses
- Visibility into concentration risk: Portfolio Benchmarking shows your share of properties in any given area. High concentration, especially in below-market roof condition areas, is a risk signal that's otherwise invisible.
- An early warning on portfolio quality: A book that's drifting toward worse-RSI properties will show up in Portfolio Benchmarking before it shows up in losses, so you can address it proactively.
Defend pricing and reinsurance strategy with confidence
- A comparison carriers can trust: Both the carrier's book and the market benchmark are scored with the same data and the same method, so any difference between them reflects a real gap.
- A stronger position in reinsurance negotiations: Before a treaty renewal, you can share Portfolio Benchmarking results that show how your portfolio quality compares with the market. This illustrates a lower PML (Probable Maximum Loss) and reduced reinsurance coverage, resulting in savings on reinsurance premiums.
Boost agency performance
A sharper view of agent and agency books: You can compare the properties written by a specific agent or agency against the market. Pinpoint where agents need support before poor risk selection affects loss ratios.
Expand into profitable markets
- Market context that's otherwise unavailable: Carriers only have data on properties they insure. Portfolio Benchmarking gives you the ability to compare by placing your portfolio against the market.
- A clear path to profitable growth: Areas with high-quality properties and low market penetration are growth candidates. Portfolio Benchmarking surfaces these areas, giving you clear action items.
How Portfolio Benchmarking works
Portfolio Benchmarking comparison starts with the Roof Spotlight Index (RSI), an AI-derived score between 0 and 100 that reflects the condition of a roof, based on Nearmap imagery. RSI scores reside in the following data sources:
- Data for every roof in the US (the market benchmark)
- Carrier's portfolio
Nearmap scores every property in its US data source the same way as it scores the carrier's portfolio. A carrier's portfolio is a subset of the total market data. Scores are then aggregated in the following ways:
- Worst score in parcel
- Largest roof's score
- Roof area-weighted mean
- Parcel mean
Carriers can select the aggregation mechanism, and then compare and analyze their portfolio RSI against the market data. When their portfolio RSI is significantly lower than the market benchmark, it reflects a real difference in portfolio quality.
We cover 88.5% of the US population. Only the properties covered by our imagery program are included in the benchmarking calculation.
Exploring the data
Portfolio Benchmarking data is presented in two views:
- Map view - This view presents data in a color-coded map that groups properties into H3 hexagons (a standard geospatial indexing system), regions or points and clusters across zoom levels, from national down to ZIP (ZCTA) level via several data insights.
- List view - This is a tabular version of the same data, available as both a region list and a property list.
Across both views, filters can be applied by region, agent, underwriter, or renewal date to focus on a specific segment of your book of business.
Data can be exported as a CSV for use in reinsurance packages, internal reports or for perusal by senior management.
For detailed information on benchmarking data, see Interpret Portfolio Data.