GeoInsurance Europe 2014: Exploiting Geospatial Capabilities for Insurance

GeoInsurance Europe 2014: Exploiting Geospatial Capabilities for Insurance

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London, September 30, 2014: The GeoInsurance Europe 2014 conference was held in London on September 16-17, 2014.

The key discussions revolved around how insurers can integrate geospatial technology and visualisation into their business workflow.

In the Chairman’s opening remarks, Tony Boobier, Insurance Leader EMEA, IBM Business Analytics, IBM urged the insurance industry to step out of isolation and be part of the Big Data community.

Vinod Kachroo, CTO, Insurance and Healthcare from Tata Consultancy Services stressed that the amount of data held by the insurance companies, when integrated with geospatial technology, will produce a powerful tool for insurers not just for risk assessment, but for the entire insurance cycle – marketing, underwriting and claim management as well.

The delegates agreed that Big Data has been disrupting many industries, yet insurance industry holds the biggest potential to drive business value out of big data.

The conference was well attended by experts from catastrophe modelling, catastrophe management and exposure management from major insurance and reinsurance companies in the region.

The last two sessions explored in-depth the recurring theme of managing unmodelled risk and ensuring data quality.

The conference also explored ways in which the gap between earth observation community and the insurance industry can be bridged in addition to discussing the best GIS analytic software options available to the practitioners.

Source: Our Correspondent