Risk analytics and digital transformation solutions for insurance
Mitigate insurance risk, define policy coverage and personalize customer interactions
Data-driven digital transformation
Location intelligence software and data empower you to tackle some of your toughest challenges and position your insurance organization for profitable growth.
Digital transformation starts with data. Geographic risk analytics provide insight into individual and aggregate exposure from catastrophic, natural, or man-made disasters in near-real time. Highly accurate data and analytic tools inform appropriately priced policies, reduce losses, and streamline underwriting. Hyper-accurate geocoding measures risk from the right location, avoiding under- or over-priced insurance policies.
Customer analytics reveal demographic trends that inform marketing and user experience activities. Using these insights, you can design customized interactions that will enhance each customer’s experience and increase wallet share. Customer-centric insurance companies enhance policyholder relationships by truly understanding who their customers are and what they need.
Underwriting accuracy greatly impacts an insurer’s profitability. Under- or over-pricing a location’s risk profile is a common problem when a policy is priced using inaccurate geocoding. If a geocoder places a property in the land parcel’s centroid rather than its actual location closer to the shoreline, the resulting policy will not be a true reflection of property risk. Rooftop geocoding eliminates these inaccuracies in risk analytics, enabling you to price policies correctly.
Precisely’s extensive data portfolio enriches addresses and properties to provide even more information for the underwriting process. Risk datasets related to wildfires, floods, earthquakes, and weather events reveal the history and propensity for hazards in certain areas. This risk attribution is also pre-appended to addresses for easy assessment of a specific property’s proximity to hazards. By using the PreciselyID, a unique and persistent identifier for an address, underwriters can quickly look up a property’s risk exposure and price a policy accordingly.
Precisely’s Spectrum Spatial Risk Analyzer delivers the data you need to quickly make commercial and residential property underwriting decisions. With this comprehensive, at-a-glance view of properties, you can assess risk and accurately price premiums in a fraction of the time it takes to do so manually. Precisely’s location intelligence and data solutions enable digital transformation in insurance while increasing profitability.
Managing claims requires in-depth risk analytics with accurate data you can count on. Yet to maintain efficiency and positive policyholder relationships, claims must be responded to quickly and correctly. Digital transformation through data and risk analytics helps you meet customer demand and efficiently manage claims.
Precisely’s risk analytics solutions provide insurers with the tools needed to reply to claims with confidence. Accurately geocoding the address on a policy enables claims managers to see exactly where the property lies, while specially curated datasets enrich the location with further information.
The PreciselyID can easily link a property’s geographic location to the contextual information needed to respond to claims effectively. Precisely’s insurance-specific datasets related to wildfires, flooding, earthquakes, and weather provide both address-specific risk attribution as well as a polygonal representation of hazards for deeper risk analytics.
Location intelligence also supports the identification and investigation of fraudulent claims. Pinpointing the exact location of an insured property enables claims managers to confirm the legitimacy of a risk event and measure its severity. The ease-of-use provided by the PreciselyID allows claims to be managed efficiently while maintaining the highest accuracy.
Meeting increasing policyholder expectations is a top priority for insurers in addition to risk analytics and modeling. As a result of digital transformation, policyholders expect a higher degree of personalization in their interactions with insurers. Customer analytics reveal detailed information about consumers, their lifestyles, and preferences that can be used to develop personalized offers and messaging.
Precisely Demographics datasets provide multiple levels of granularity for analyzing customer behavior and attribution. Available from a nationwide scale down to the individual level, demographic data related to household makeup, education-level, and consumer expenditure produces insight into what makes people who they are. This insight empowers insurers to create compelling marketing messaging and enticing offers for policyholders and prospects.
Data and location intelligence can also improve customer experience by decreasing response time to claims and policy quotes. The fast-tracked analytic capabilities provided by the PreciselyID enable insurers to meet customer demand for instant results. Leveraging address data pre-appended to risk attribution reduces the time it takes to respond to customers and prospects, increasing customer satisfaction rates.
High-quality risk modeling is an integral part of digital transformation in insurance. From writing new policies to managing a book of business, data models increase workflow efficiency. Profitability, however, only increases when the data used is accurate.
Model-ready data vastly reduces the time data scientists spend on data cleansing, allowing more focus on high-value risk analytics. Precisely datasets are specially curated with insurance workflows in mind. Our rigorous standardization and cleansing processes eliminate the need for data scientists to prep data before ingesting it into their models.
With the PreciselyID, data scientists can easily join multiple datasets for an accurate, composite view of a property without performing complex and time-consuming spatial processing.
Built with our best-in-class geocoding, Precisely datasets provide highly accurate information for risk models. Pre-appended risk is measured by rooftop-level geocoding proximity, assuring model results are reliable for underwriting and claims management analytics.
Property and Insurance Company Uses Geolocation Accuracy to Lower Policy Risks and Improve Pricing
When this property-and-casualty (P&C) insurance leader replaced its outdated policy administration system with a third-party cloud solution, it needed a better way to determine exact property locations. Geolocation accuracy allows the insurer to see where policies are located, down to the parcel or building level, providing information such as their proximity to different kinds of risk. With this information, insurers are ready to generate more accurately priced policies. While adding this step to their internal processes, this information also needed to be seamlessly integrated into the new policy administration system.
The insurer’s legacy geolocation software vendor was able to provide information at the parcel (or lot boundary) level only about 50 percent of the time. Often the solution assigned a location only to the block or ZIP code level. Without more precision, the insurer could either underprice a policy, which resulted in undue risk, or overprice policies, which might result in lost business. The insurance company needed its new policy administration system to incorporate highly accurate location information. It also wanted to enrich its internal data with externally available data sources to support more accurate risk assessments.
The P&C insurer rolled out the Spectrum Technology Platform to consolidate and validate data from its disparate internal systems. Now the solution determines specific geographic coordinates for each location and assigns each a unique identifier, known as the PreciselyID, which remains persistent with the address location even if the latitude/longitude coordinate moves up to 50 feet.
Location Intelligence Software Allows Risk Assessment Leader Willis RE to Pinpoint Their Advantage
The Willis RE Group has a worldwide clientele with diverse needs and risks. To meet their needs, Willis required a system that could carefully model catastrophe insurance and deliver enhanced service to its clients, for whom profit margins on risk depend on accurate details.
Willis RE wanted to improve the speed and accuracy of their client exposure assessments based on location data. To do so, they needed a more accurate view of risk at specific locations. This information improved estimations of client’s potential losses and ensured they purchased the correct amount of coverage at the right price.
Incorporating Precisely Spectrum technology into analyst workflows enables Willis to undertake complex geographical risk analyses faster, more easily, and with greater accuracy. These 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 makes. 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 using higher resolution data.
Improve accuracy with geocoding
Digital transformation in insurance needs to take place with accuracy at its core. At today’s data volumes, even small error rates can lead to millions of expensive mistakes. Now you can improve your accuracy without costly workarounds or changes to infrastructure. Precisely’s Spectrum Geocoding Connector for GIS makes it simple to access world-class geocoding directly within ArcGIS Online, ArcGIS Portal and ArcGIS Pro Desktop environments. Precisely’s accurate geocoding solutions are designed to work in the environment of your choice, simplifying your path to digital transformation.