Unique risk profiling
A lot of underwriting is, at heart, based on generic parameters. A car has a known engine, fuel system, and probable resale value. A house or a business premise was built in a precise location and that is unlikely to change.
With that in mind, many insurance brokers and insurance providers are looking for new ways to differentiate their risk profiles – ways to surface formative data such as previous claims, commercial integrity, and real-time clarification about property ownership, all of which might reveal insights to inform a policy’s underwriting.
What's more, managing those terabytes of geographic data is no mean feat, but we have the platform and the experiences to not only manage it, but also keep it up to date - removing the painful and regular overhead from in-house IT departments (which may not be familiar with location data).
“What would let us re-evaluate the risk profile of these customers’ houses?”
Spatialising risk for competitive advantage
Local social demographics, for example, might give a new view on the likelihood of break-ins in a specific area. Crime statistics themselves are a mine of useful information. And weather reports and arboriculture data can deliver informed views about the likelihood of subsidence.
We have much of this information in-house already. We’ve have had great success, blending all kinds of external datasets with our clients’ own data – often taking an innovative approach and surfacing unexpectedly profitable insights. Our spatialising techniques provide a unique dimension to risk profiling: one view of a customer, a client, and an asset, with all the detail needed to gain a competitive edge.