UK:Pitney Bowes Business Insight (PBBI), a global provider of location intelligence, data management and customer communication management software, data and services has launched Risk Data Suite, a new product for the insurance industry. It is specifically designed to assist underwriting decisions, improve risk awareness and monitor exposure. Barbican Insurance, a Lloyd’s syndicate company, is the first company to use the product.
The Risk Data Suite combines geospatial datasets and historical information on a variety of perils – including flooding, subsidence, crime and arson – with the ability to analyse this data via PBBI’s MapInfo Professional location intelligence and mapping software. By providing an integrated, location-specific view of potential risk, the Risk Data Suite enables insurance professionals to make faster and more accurate decisions regarding rates and claims.
Not only does the Risk Data Suite reduce risk by creating a better understanding of insurance companies’ ‘book of business’ exposure, but also enables insurers to offer customers more accurate ratings based on exact locations and demographics rather than just standard banding. Companies using the product could thus become more attractive to potential customers as well as increasing retention of existing customers, both of which could impact positively on sales. Better understanding of exposure could also help companies to minimise risk and more accurately manage their claims and reinsurance costs.
Source: PB Insight