Mastering Location Data – A Paradigm Shift in Enterprise Risk Management
Pricing home and automobile insurance policies depends on a detailed understanding of the property being insured. Currently, though, a lack of nuanced understanding of location is causing insurers to gauge risk imprecisely—sometimes to a dramatic degree. At the same time, IT departments are frustrated trying to manage growing mounds of data and reacting quickly to their organizations’ needs. Taken together, there’s a risk management gap confounding insurers and the organizations that are their customers.
An emerging sentiment is that the insurance industry needs a new, all-encompassing approach to location Master Data Management (MDM), the method of defining and managing critical data to create a single point of reference, to address the situation.
Watch this webinar to discover how this approach requires three elements—that the location data be hyper-accurate, which means going beyond basic postal address information and using geo-coordinates and other data for greater precision; that there’s a unique and consistent identifier for each property; and the ability to link other data sources to the property identifier.
During this webinar, you will learn more about:
- Why a new approach is needed in defining and managing location data to create a single point of reference across the organization
- How insurers are using this approach to get ahead of the competition by utilizing hyper-accurate location data to reduce loss rations, increase marketing ROI and enhance client experience
- The important keys to this approach, including how to eliminate the guesswork in property identification through utilizing a unique, persistent identifier for better property matches and enriched context