Recent Catastrophes Highlight Need for Location Intelligence

Recent catastrophes have highlighted lingering problems for property & casualty insurers: Do carriers understand what their risks are and can they locate their policies and assets. In other words: location intelligence.

Pitney Bowes Software has rolled out Spectrum Spatial, which is part of the Spectrum SOA platform, according to Lamont Norman, global geocoding and risk data product manager for Pitney Bowes Software.

“This allows customers to geocode and perform at-risk quality and location-quality operations in the back office quickly without a software engineer and then be able to pass that information and quickly analyze and understand what the risk is,” says Norman. “We tie that to static risks or what we call slower-developing risks, such as earthquake or hurricane risks.”  

Norman explains the system uses weather feed information about severe storms coming through an area to determine the insurer’s exposures and how many policies can be affected by such a storm.

“We can interface with the customer’s existing systems through web services and pull that information together to give insurers a timely understanding of what is happening when there is a catastrophic event,” he says. “You can operationally explain these are the policies you are interested in and of a certain value, and are part of a particular book of business in the region.”

Companies are working with Pitney Bowes Software on the operational side and as they become more aware of what the software can do—such as support insurers on the analytical side as well—insurers are seeing that the system can help them with these problems, according to Norman.

Processing a claim is one of the most important transactional events between the insurer and the customer, points out Norman, and how well the insurer settles the claim is important.

“We’ve begun to have conversations with the claims folks as well as the catastrophe management folks to understand if there is a fraud issue or if you are sending adjusters in a timely manner,” he says. “If you don’t get your people out there quickly enough, customers tend to get more litigious and that ends up costing the insurer more money.”

A lot of insurers have mapping capabilities, but not the ability to combine maps with intelligence, points out Norman. He adds that some insurers have the intelligence and need the maps to see what’s going on.

“Being able to distribute that so companies can make decisions is drawing a lot of interest in the industry,” says Norman.

Global warming and climate change are subjects that insurers don’t like to talk about, adds Norman. He explains Pitney Bowes Software is not in the business of predicting climate change.

“That’s not what we do,” he says. “We enable insurance companies to better understand weather information that is available to them. There are a number of companies that provide accurate weather information and the insurer has to relate that to their policies and their exposures. That’s what we do. We are not in the climate business.”

 

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

Tech Digest eNewsletter

Technology related insights for insurance professionals including key developments, solution providers and news briefs from the carrier front – FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.