MapInfo the provider of location intelligence for the enterprise, announced the availability of its Insurance Decision Solution Suite (IDSS), a mapping and risk management solution for the global insurance industry. Featuring country specific data, MapInfo IDSS is initially available for Great Britain, the United States and Canada and will enable insurance carriers or reinsurers to see a visual representation of policyholders, thereby improving risk management, underwriting and customer care. The MapInfo IDSS works by providing a secure Intranet-based solution that gives users across the entire organisation access to multiple databases such as policyholder, historical claim, perilous events and building data. By layering these databases with an interactive mapping function, insurance companies can easily share information and also conduct policy and underwriting analysis more effectively. The IDSS also features a significant reporting tool enabling users to generate location-based risk and Probable Maximum Loss (PML) reports.
Many insurance companies are already using MapInfo solutions. 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 of policy concentrations, carriers may determine that they hold too many policies in a high-risk area and may choose to transfer some risk to a reinsurer. In Great Britain, this can be particularly useful for insurance companies holding a large amount of housing policies, as this solution will identify potential natural disasters such as flooding.
Another key benefit of the IDSS is that its modular architecture allows customisation delivered by MapInfo’s Professional Services Group according to the insurance company’s specific requirements. Simon de la Hoyde, explains further, “Based upon their role within the organisation, each user has a customised set of views and queries that they can run against the information held within the IDSS. Results are presented back to the user in the form of interactive maps and detailed reports, that can be integrated with spreadsheet and word processing packages to create high impact business reports.”
The MapInfo Insurance Decision Solution Suite (IDSS) is available immediately for Great Britain, the United States and Canada. Country specific data, to meet the needs of other countries, including the German insurance sector is currently under development.