Over the last few years, we have seen artificial intelligence (AI) evolve from a novelty into a fundamental technology that is now integrated into most major industries.
In financial services, for example, AI excels at spotting patterns and detecting anomalies, making it an effective layer of defence against financial fraud.
At the same time, AI-powered chatbots and virtual assistants are increasingly providing a service that is tailored to individual customer needs and circumstances.
In the world of surveying, we are also beginning to explore AI technology and the impact it can have on our industry. We are starting to rely on AI to handle some basic data analysis to support with underwriting, but it’s also proving it can transform some of the more complex aspects of the job, delivering real-time value for time-poor surveyors.
Some of the exciting use cases we are seeing across the industry include data collection and preventative maintenance, but we will likely see AI playing a much bigger role in the future.
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Better – and faster – decision-making
Surveyors are starting to utilise data and machine learning to assist with underwriting in residential property transactions. Similar to a surveyor’s work, this technology analyses information to assess property risks and determine whether they will be accepted by a lender, before completing the valuation.
At Legal and General (L&G), our Property Decision Engine combines a data machine learning model and a risk rule model, drawing upon data from various sources through an API to deliver detailed and precise property assessments.
Improving the speed and accuracy of data processing
Additionally, data collection has always been a time-consuming process, with manual inspections eating into capacity, costing money, and potentially missing issues that might not be obvious to the human eye.
In an AI-enabled future, we could start to see image recognition technology developed, which could then be used to analyse and detect issues from images or videos, such as cracks in walls.
Preventative maintenance
Furthermore, as the technology develops, AI-led solutions could be used to detect patterns, identify any potential defects and assess the long-term performance of materials and design choices.
With these insights to hand, surveyors would be able to take a proactive approach to maintenance, extending the lifespan of building components and preventing costly failures.
AI is an aid, not a replacement
And lastly, while AI is a fast-evolving technology, it is important to note that it best serves as an addition to our work rather than a replacement. To put it simply, there is no technology that can replace the human element that is so integral to the home buying journey, which is often judged as one of life’s most stressful and expensive milestones.
AI has already established itself as an important resource in financial services, and is now starting to cement its position in surveying. It has proven that it can be a hugely useful asset in data processing, decision-making and preventative maintenance.
While it is always worth having an element of caution when adopting any new technology, surveyors should not be afraid to explore the ways that this technology can further drive the industry forward.
AI will undoubtedly be central to the next-generation surveyor.
