Location-Intelligence Solution for insurance carriers

Location-Intelligence Solution for insurance carriers

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ACORD Annual Conference-MapInfo Corporation announced its Insurance Decision Solution Suite (IDSS), which enables insurance companies to visually look across all lines of business to better manage risk and operate more effectively. With IDSS, insurance companies can graphically assess and analyze information about underwriting, risk management and customer service. MapInfo will demonstrate IDSS at its booth (#1517) at the ACORD Conference, May 18-20, at the Walt Disney World Dolphin hotel. As a member of ACORD, the global insurance standards body, MapInfo is at the forefront of geographic technology concerns in the insurance industry, contributing to ACORD’s XML standards for location sensitive data. MapInfo’s location-based intelligence solutions comply with all current and future technology standards for the insurance industry.

MapInfo Chief Solutions Architect Will Wilbrink will be participating in a panel
discussion on Tuesday, May 20, 2:15-3:00 p.m. Wilbrink, along with executives from the Open GIS Consortium and The Hartford, will address how to integrate other standards bodies into ACORD standards and broaden adoption of ACORD specifications.

Location Technology: Critical to the Insurance Industry

IDSS was developed specifically to help insurance companies utilize geographic and
demographic data. For instance, a catastrophe manager can enter any metropolitan area and a map will show “hot spots” based on policy concentration. From this view, a user can drill down to the individual policy level and assess the Probable Maximum Loss (PML) on a given policy. Hot spot analysis provides powerful visual understanding of policy concentrations so insurers can put limits on risk in a specific area, the first step in catastrophe management. The events of 9/11 alone led to losses of more than $19 billion, pointing out the business need for this critical information. This catastrophe also led insurers, such as Greater New York (GNY) Insurance Companies, to integrate MapInfo into their existing infrastructures following 9/11.

A number of other leading insurance companies are also using MapInfo solutions. For example, property and casualty insurers rely on MapInfo to view the locations of all insured properties, their proximity to natural and man-made hazards and conduct “what-if” assessments of total potential liability. Based on their analysis, carriers may determine that they hold too many policies in a high-risk area and may choose to transfer some risk to a reinsurer. Auto policy processors use MapInfo to quickly and accurately calculate a customer’s driving distance from home to work. Claims call center representatives can improve customer service by quickly directing customers to the nearest service providers, such as authorized repair centers or in-network healthcare providers.