Let's face it. The insurance industry has never been considered an early adopter of emerging technologies. However, because of recent customer demand and pressure from ratings agencies, regulators, and investors, the industry has begun a mass migration toward greater implementation of location intelligence (LI) technology. Clearly, the element of “where” factors in critical decision-making in various areas of the enterprise, including policy rating, underwriting, portfolio risk management, claim management, sales, marketing, and distribution.

Nowhere is this more important than when dealing with extreme weather events. If the catastrophic events of recent years provide any indication, then insurers can no longer afford to analyze an event post facto. Today, it is crucial to have the capability to interpret an event in real-time and to then take swift action to minimize loss.

Real-Time Weather Feeds

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.