Location Matters – the next step forward for underwriting UK property insurance

The increasing challenges faced by insurers include driving business growth in a highly competitive market and ensuring customer loyalty.  Remaining competitive involves optimising underwriting performance, an in-depth understanding of exposure to risk and more accurate pricing. What if there was a tool that could help you do all this?

Location Matters© is Business Insight’s new powerful visualisation and risk mapping tool that gives insurers a unique real time view of perils risk exposure by location.   Using the latest mapping technology, it is an extremely powerful visualisation and decision tool, combining market leading property risk models and demographic data into a single, easy to use, affordable system.

Through interactive maps displaying property location, risk, perils, policies and claims data, Location Matters© is designed to help insurers with underwriting decisions at point-of -sale as well as accumulation and exposure management.

Property risk is dependent on a range of factors linked to location; including the local environment, the types and construction of buildings, local crime rates, the demographic make-up of the area and physical hazards such as flooding or storm. By viewing and analysing customers against hazard data by location, underwriters and pricing analysts are able to have a deeper understanding of risk exposure, have insight into accumulations of risk across their entire book of business and as a result, more profitable risk selection.

Location Matters© is the next step forward for underwriting UK property insurance.  It brings together the best of breed perils and geodemographic data to visualise risk at property level and allows an underwriter to log-in to a web browser from any location and interrogate a postcode (or address) to gain a deeper understanding of geographic risk and the make-up of the local area.

Being able to visualise risk at such a granular level provides a greater insight and accuracy for underwriters but also helps strengthen your market position with a more in-depth view of the risk price as you write the business.

The risk mapping software also has a number of other benefits.  For marketing departments, these include having an accurate and in-depth understanding of their target market to generate new pipelines and a clearer view of where to focus their marketing campaigns.  For claims departments, it can be used to assess the validity of individual claims and also to prioritize claims handling resources which in turn helps to strengthen customer loyalty by focusing efforts on legitimate claims and improving the customer retention rate.

Location Matters© – for a more profitable risk selection and greater exposure management.

Find out more here

Plum Underwriting select Business Insight’s risk mapping software to enhance its risk selection

plum logoInsurance technology provider Business Insight announces that Plum Underwriting, the specialist and non-standard household insurance managing general agent, which is part of Global Risk Partners Limited (GRP), has chosen their newly launched risk mapping tool Location Matters© and geographic classification model ‘RESONATE© to enhance its risk selection and customer analytics capabilities.

Read press release here: Press release 12 April 2016 Plum Underwriting

Leveraging the value of Big Data

big data square.jpgIt is claimed that 90% of all data in the world has been created in the last two years. Companies are switching on to the strategic and commercial value of harnessing this data.  A recent IBM survey (October 2015) found that 74% of insurance companies report that using big data and analytics is creating a competitive advantage for their organisations.

One way to maintain that competitive edge is by leveraging and maximising the use of big data. With much better access to data from a wide variety of sources, Insurers are able to gain new insights now into risk at a highly granular level.  Data can be used to spot and analyse trends, uncover new patterns and anomalies and identify, measure and manage risk exposure. This information can then be used by Insurers to gain a comprehensive understanding of markets, customers, products, distribution channels and competitors.

The Business Insight team has extensive big data experience and provides insurers with tools to address key business challenges such as business growth and benchmarking products and position in the market.  Our market leading products support quote enrichment, risk selection and claims validation such as ‘Location Matters©‘, one of our most recent solutions that combines geographic risk mapping and analytics with highly granular lifestyle, demographic and perils data to provide powerful new insights. The software combines state-of-the-art risk mapping technology with a complete set of highly granular perils models including best of breed data from Business Insight and partner suppliers from across the industry.

Please contact the team at Business Insight for a demonstration on 01926 421408.