They say pictures paint a thousand words and for insurers this has never been so true. More than a simple matter of ‘where’, location serves as the one constant that connects disparate data elements such as demographics and customer, providing an accurate and bigger picture of a particular areas risk status. By being able to go beyond traditional boundaries and on a map visualise and quantify exposure to hazards such as flood, earthquakes, explosion and bushfire, insurers are able to better understand levels of exposure, be more precise in how risk data is represented and be able to reject fraudulent claims with confidence.
Go a step further and embed this picture into analyst workflows and you also enable insurers to undertake complex geographical risk analyses much more quickly and easier than ever before – geocoding that previously took up to eight hours can now be completed in just one hour.
Tapping into location provides a more accurate and bigger picture of a particular areas risk
Multi-national organisations like Willis for example, face several challenges on behalf of their customers because the accuracy and quality of geocoding, and corresponding decisions, can be difficult to assess from country to country. Increasingly companies are looking to apply standards across markets so that the make or break decisions made every day will always be based on the same, accurate and time-sensitive information.
By being able to tap into the bigger picture and answer basic questions such as where in the world business is most exposed or which regions are exhibiting the strongest like-for-like performance creates more effective pricing, underwriting and risk management.
The devil really is in the detail, and addressing the bigger picture via location based technologies enables companies to drill down into a multitude of information at their fingertips to make much more informed decisions.
For further information on PBBI’s work with Willis to address this challenge, download the full casestudy
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