ITC DIA Europe

Spotr: Scan your entire property portfolio for underinsurance annually

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 20, 2023

When insurers do not inspect all properties in their portfolio, it can leave customers exposed to underinsurance and negatively affect the insurers’ client relationships and reputation. Insurers should inspect 100% of property insurance portfolios every year. This way, they better understand where underinsurance and other risks lie, so they can proactively act on it, instead of being unpleasantly surprised when claims come in. An estimated 83% of properties are currently underinsured by 35% due to outdated policy indexing methods. This leaves insurance customers exposed to severe risks.

Spotr helps insurers protect their customers against underinsurance by scanning their entire property insurance portfolio to identify which policies are underinsured, due to changes in the past years or by calculating up-to-date rebuild valuations. Spotr offers an affordable solution to digitally inspect 100% of property insurance portfolios every year, as opposed to only 4% of a property portfolio with traditional inspection methods.

Spotr doesn’t just use satellite imaging, but also streetview and aerial, which enables Spotr to make up-to-date rebuild valuations, instead of only inspecting the roof or using outdated data available in public systems. Also, Spotr is able to scan entire portfolios at scale, since the scanning is done remotely with AI, which makes it affordable (instead of sending expensive professionals on-site to conduct taxations one-by-one).   

How it works

Spotr first gathers images and other data using a list of addresses, constructing comprehensive visual profiles of every property in the portfolio. Employing advanced AI algorithms, Spotr conducts large-scale image inspections to identify materialization, condition and typology characteristics. Their use case-specific scoring system highlights properties requiring attention. The data can be viewed in its visual web application, connected to insurers’ applications through an API or presented in a custom-made report by the Spotr team.

Why we selected Spotr for ITC DIA Europe

Spotr enables carriers to detect underinsurance, comply with regulations, locate risks and identify leads for new propositions. It’s currently much too expensive and time-consuming to conduct inspections of all properties in a large insurance portfolio. Often only the top segment in commercial insurance will receive inspections to calculate rebuild valuations when the premium is defined, let alone annually. With Spotr’s AI-powered tech, insurers can inspect large volumes of properties annually to understand whether their policies are underinsured for the entire portfolio, not just the top segment in commercial.

At ITC DIA Europe in Barcelona, CEO Dirk Huibers presented a demo of Spotr’s platform. They received an ITC DIAmond award for their Show&Tell presentation for most strategic impact.

Who is Spotr?

Spotr is an AI-powered property insights platform, located in The Hague, The Netherlands. Founded in 2021 by Dirk Huibers (CEO), Tara Campagne (CPO) and Marieke Dijksma (Product Design), who bring a wealth of experience in building science. Spotr has quickly gained momentum and is redefining the way building inspections are conducted.

Spotr is currently active in 5 countries (The Netherlands, UK, Ireland, France and Sweden). In May 2023 Spotr was selected for the Zurich Innovation Championship out of 3,500 submissions. Among its clients are influential insurers like Lansforsakringar, NN, De Goudse, insurance brokers and housing associations. 

“Protecting homeowners from financial hardship ignited our passion to get into insurance. Our commitment to fair pricing and comprehensive coverage is driven by the belief that everyone deserves to protect their home and future without compromise.”

Dirk Huibers, CEO, Spotr
Amsterdam 12-13 June

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