Geography is a key tool in understanding customers, policies, claims, risk, and assets. GIS provides tools to leverage this geographic component to manage exposure to loss while successfully competing in an increasingly demanding marketplace. Natural hazards, manmade and economic events are inevitable. Location analytics and GIS play an important role in an organization to analyze, plan and manage the risk exposure in their portfolio.
GIS can be useful in many ways for the Insurance Industry.
Monitor and identify accumulation of risks; supporting exposure budgeting.
Improve risk assessment by modeling.
Get more transparency to be able to make risk-adequate decisions.
Risk adequate capital allocation and transparency of resource consumption.
Increase efficiency in loss adjustment (improving claims management).
Outline the extent of damage areas to survey losses.
Detect crime misuse.
Prevent claims and improve cost effectiveness.
Identify market potential.
Target marketing campaigns.
Location Analytics can improve risk analytics by improving the access to geographic information and make the risk selection and underwriting process more efficient.