Location intelligence in insurance is immensely valuable and is widely used across enterprises.  Some applications are common to all sectors of insurance while some applications are unique to certain sectors such as health or short term insurance. 

Never before has GIS been more critical to the short term insurance industry.  Climate change is shifting the dymanics and geography of risk, historical based predictions are falling short and insurers are bearing enormous losses.  A new way of assessing risk, managing portfolios and predicting scenarios is important for sustainable business.  

Examples of some benefits of integrating GIS applications in the short term insurance industry include:

Maximising exposure and minimising risk through geographically assessing risk

By spatially enabling a customer base, insurers can have a clear view of their exposure in an area, together with any associated risks for that area.  From this analysis, exposure can be monitored and managed.

Streamlining the underwriting process reduces operational costs and enables precise pricing reflective of risk

Bringing GIS into the underwriting process enables intelligent and automated underwriting decisions around risk, rates and pricing.  By validating an address at point of capture, policy applications are processed and priced with rules based on solid information on exposures and loss potentials.

Risk accumulation analyses facilitates accurate reinsurance decisions and reporting

An accurate quantification of risk can be established by aggregating exposure and modeling risk and potential loss.

Loss scenarios

GIS can construct scenario models for potential losses from natural and other disasters.

Manage incidents, reduce losses and optimise resources with claims 

Using GIS, customers can be identified if they fall within the affected area of an incident.  By managing the incident with early mitigation, losses can be reduced.  In the event of loss, claims can be processed efficiently by allocating resources with the closest proximity.  With defined service coverage areas contractors can be easily located. 

Above are but a few examples.  Please contact us for more information on GIS applications in short term, health and life insurance sectors.