While forest inventories based on airborne laser scanning data (ALS) using the area based approach (ABA) have reached operational status, methods using the individual tree crown approach (ITC) have basically remained a research issue. One of the main obstacles for operational applications of ITC is biased results often experienced due to segmentation errors. In this article, we propose a new method, called “semi-ITC” that overcomes the main problems related to ITC by imputing ground truth data within crown segments from the nearest neighboring segment. This may be none, one, or several trees. The distances between segments were derived based on a set of explanatory variables using two nonparametric methods, i.e., most similar neighbor inference (MSN) and random forest (RF). RF favored the imputation of common observations in the data set which resulted in significant biases. Main conclusions are therefore based on MSN. The explanatory variables were calculated by means of small footprint ALS and multispectral data. When testing with empirical data the new method compared favorably to the well-known ABA. Another advantage of the new method over the ABA is that it allowed for the modeling of rare tree species. The results of predicting timber volume with the semi-ITC method were unbiased and the root mean squared error (RMSE) on plot level was smaller than the standard deviation of the observed response variables. The relative RMSEs after cross validation using semi-ITC for total volume and volume of the individual species pine, spruce, birch, and aspen on plot level were 17, 38, 40, 101, and 222%, respectively. Due to the unbiasedness of the estimation, this study is a showcase for how to use crown segments resulting from ITC algorithms in a forest inventory context.