Insurance
At ESRI Australia, we understand that managing exposure to loss is key to your success in an increasingly demanding marketplace. Our location intelligence solutions deliver competitive advantage to our insurance sector clients by leveraging location intelligence to manage risk exposure, enhance claims management, and deliver better value to customers.
By going beyond simply looking at the financial data in spreadsheets, report or graphs, your organisation can use location intelligence to assist with profitability, manage risk and deliver improved customer satisfaction. By linking corporate, historical and customer data to precise street address locations rather than a general postcode areas, you too can make better business decisions that minimise your company's exposure to risk, and improve claims handling.
Risk Management
Key benefits
Location intelligence allows insurers to discriminate between good and bad risks and to adjust rates accordingly. By examining the location component when calculating risk formulas, you can accurately analyse, visualise, and distribute risk by exact street locations rather than by postcode areas which may not be evident in tabular data.
- Identify areas of peak loss potential
- Map historic patterns of claims to understand the true geographic distribution of risk
- Segment high-risk policies by geographic sales region and territory
- Manage the different rules and possibilities for determining risk and rates that exist for different states, provinces, and countries
- Identify the types of claims most likely to be made in given areas, and develop prevention plans accordingly.
- Map areas prone to fraud and develop prevention plans accordingly
Business Continuity Management
Key benefits
GIS allows organisations to quickly display, analyse, and reveal vulnerabilities, exposures, and weaknesses. Using location intelligence, you can develop mitigation strategies, model against potential events, and analyse consequences quickly and efficiently. This reduces the risk that disruptions pose in areas such as loss of productivity from downtime, failures within the supply chain, penalties from regulators, and higher insurance rates.
Location intelligence is a powerful approach for developing effective Business Continuity Plans (BCP) due to the location nature of the data and models. Effective plans can be addressed to identify and minimise the impacts on businesses.
- Threat assessment
- Damage assessment and repair during emergencies
- Mitigation strategy development
- Weather mapping
- Facilities management
- Customer mapping
Claims Management
Key benefits
Location intelligence enables insurance businesses to integrate GIS with other business intelligence tools to develop new, more dynamic workflows that utilise the strengths and analytical capabilities of both systems. This approach delivers improved customer satisfaction through efficient claim processes, investigation, assessment and validation of all preliminary claims.
GIS helps claims processors to:
- Precisely locate customers and claims
- Visualise damage zones - such as storms, cyclones, wildfires and floods
- Create evacuation routes
- Create incident boundary maps
This means your insurance business can provide more accurate and realistic insurance rates, enables insurance premiums to be adjusted based on new, more accurate data, minimise and lessen your exposure to risk, to reduce the number of claims. Learn from the past to more accurately predict the future and highlight by incorporating accurate areas of risk by location.
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ESRI Australia Connect
Request more information about our solutions for the insurance industry