Reports by the Association of British Insurers show the impact of this year’s heatwave, with subsidence claims reaching their highest levels for 12 years. The ABI says the 357% increase in the value of claims is the highest quarterly jump since records started over 25 years ago – and yet many insurers still aren’t using the tools available to help reduce these risks.
Subsidence still represents around 4% of all claims per annum, which in real terms is between £110 million and £120 million every year – so the question is, can insurers do anything to help combat this problem?
At emapsite, we always welcome better access to information that can help our customers drive the economy forward. Today’s announcement by the Geospatial Commission on the opening up of OS MasterMap signals a long-term commitment to helping everyone get more value from mapping and location data.
Insurers: imagine discovering there’s a more cost-effective way to increase your competitive edge, while at the same time reducing your exposure to risk.
Forget the advent of innovative fintech; don’t worry about pay-as-you-go pricing; just think what your bottom line would look like if actuarial teams’ insights were, say, 2% more accurate in predicting the likelihood of claims across a multi-billion pound book of insurance.
Leica Geosystems and emapsite announced today a strategic partnership which launches an industry-first subscription service to Ordnance Survey flagship product, OS MasterMap, available exclusively on the Leica Zeno 20 high accuracy field data collector.