Risk and catastrophe management
Building a more profitable business
Naturally, every insurer wants to make money from its portfolio. But if you’re underwriting properties that are in a high risk location – prone to flooding, hurricanes, subsidence or similar – this becomes more challenging. In these circumstances, it’s vital to understand each building’s precise proximity to the risk, to prevent over-exposure in the event of a catastrophe and to reject fraudulent claims with confidence.
Simple address information isn’t always enough. Certain properties in the same postcode may be in a flood zone – but not necessarily all of them. Equally, identifying a house by its street name and number alone won’t reveal that it backs on to a hazardous gas treatment plant.
This is where Location Intelligence and Data Management solutions from Pitney Bowes Software add tremendous value. By first cleansing your portfolio data to ensure accuracy, and then geocoding it to its precise x, y coordinates, we give you the tools for understanding the precise level of risk attributed to specific properties.
This lets you price policies more accurately in high risk areas, to protect your business in the event of mass claims. But the benefits go further – enabling you to balance your portfolio to prevent over-exposure; to put the right re-insurance strategy in place; to comply more easily with legislation, and even to target your marketing to lower-risk prospects.
And because Pitney Bowes Software systems integrate fully with your back end infrastructure, you can perform all of this analysis in near real-time.