Insurance solutions: Manage assets more profitably to enhance stakeholder and customer value
Major insurers are using our location-based solutions to improve business performance. Dynamic maps and dashboards provide new insight into risk and assets, while enhancing the claims process. Unlock a new source of competitive advantage.
Enhance risk intelligence
Use Location Analytics and maps to assess property specific risks such as fire, flood, subsidence, theft or windstorm anywhere in the UK and include additional perils as needed – enabling risk to be assessed and priced on a location by location basis – resulting in more profitable business.
“The increased granularity of risk intelligence means business is being priced more accurately and consistently and underwriters can be smarter about what business we take on board.”
Richard Jones, Head of Direct Line Group’s Geospatial Unit
Improve capital management
With reliable risk assessment insurers can allocate capital more effectively. Using the available funds to target growth opportunities and to underwrite more new business, while avoiding over-exposure in any given location, the aim is to maximize returns on the available capital.
The effective application of this process enables insurers to work within the limits agreed with their re-insurers, which also helps to contain costs.
“The greater the granularity of the data, the greater the understanding of risk, and the more effective we can make the reinsurance purchase,” Graham Heale, Property Portfolio Director, RSA.
The Impact of Regulation
The advent of Solvency II requires insurance companies not only to demonstrate a clear understanding of their exposure to risk, but also share the logic and the process used to establish these exposures, with the Regulators.
Geo-spatial analysis is an ideal method to quantify risks and exposures. Insurers can then deploy their capital more effectively, avoid over-exposure in specific locations and provide clients with useful information to address known risks.
“With a better understanding of potential threats across multiple geographies, our clients can manage risk more effectively and take steps to minimise potential losses.”
Nick Charteris, Engineering Team Manager, Construction, Property & Casualty, Willis
Mapping the way to better business decisions
Read this expert insight article from the Sunday Telegraph Business Reporter Risk Supplement, published in September 2013:
Read our whitepaper to discover how Location Analytics - the integration of Business Intelligence and GIS - is creating a platform for success in the Insurance Industry.