Making promises that are easy to keep
Data-driven Location Intelligence for insurance
By Jay Gentry
Insurance is a promise to a policy holder. It says when something goes wrong, we’ll be there to help. But insurance companies can’t make that promise to everyone and stay profitable.
That’s why it’s important to understand as much as possible about every location. For every 10 percent improvement in geocoding accuracy, insurers can save two to four dollars per policy. That adds up fast.
Adding “what” to “where”
When you’re underwriting a property, you need to know where it’s located. Knowing what that location means, is even more important.
· How far is it from the shoreline?
· How elevated is it?
· How far is it from a fault line?
· What are the risks of hurricane, tornado?
The list goes on, and the real risks are cumulative ones. There are other key factors too: Property usage, zoning, and more.
Pitney Bowes data offers 205 unique property attributes. We also help insurers see “beyond the data” by delivering the most comprehensive and accurate location intelligence.
With our Risk Data solutions, companies can discover values they never knew existed. Incredibly deep information properties helps insurers make smarter underwriting decisions—decisions that directly improve their property insurance pricing and loss ratio.
Case in point
Using our data, one of the largest insurers discovered that 15 percent of their policy locations were inaccurate by 500 feet or more. Inaccurate location data can severely skew potential losses from catastrophic events. That makes that inaccuracy a big problem we helped them fix.
Surprisingly, many underwriters still aren’t using the intelligence found in every location. Check out my new video below to see how you can add precision and accuracy to every policy decision.
- Location Intelligence for the Insurance Industry