Customer story

Location Intelligence Software Allows Risk Assessment Leader Willis RE to Pinpoint Their Advantage

The Willis RE Group is a global company whose clients have risks in more than 150 countries. Due to their worldwide clientele and their diverse needs and risks, Willis needed to implement the latest in location-based technologies. They required a system that could carefully model catastrophe insurance and deliver enhanced service to its clients, for whom profit margins on risk depend on precise details.

Willis RE wanted to improve the speed and accuracy of their client exposure assessments based on location data. This required a more thorough understanding of the levels of risk exposure at individual points on a map. This information improved estimations of client’s potential losses and ensured they purchased the correct amount of coverage at the right price.

Willis required:

• A geocoding solution capable of processing the highest resolution data available to allow consistent, comparisons across country lines
• Complete systemic control to fully understand the way catastrophes model
• Visibility into corporate client’s or insurer’s book of business to demonstrate the benefits of supplying Willis with the most accurate data available

Incorporating the Precisely Spectrum technology into analyst workflows enables Willis to undertake complex geographical risk analyses faster, more easily, and with greater accuracy. Its data quality tools and international geocoding capabilities provide full control over the geocoding process. This provides a better understanding of how the risk model behaves and the assumptions that the model is taking into account. The technology encompasses a larger geographic coverage area than was previously available and includes an ability to crosscheck the data supplied by clients, instilling greater confidence in the precision of the resulting estimate. This gives Willis the ability to advise their clients quickly and easily in cases for which higher resolution data might be available.

Willis RE Uses Location Intelligence for Insurance Catastrophe modeling