Using geospatial technology to identify and assess risk. Geospatial information systems are a form of geospatial data technology used to “acquire, manipulate, and store geographic information.” (Photo: VideoFlow/Shutterstock)

Underwriting and risk assessment are two of the most important components of insurance operations. The cost of poor risk assessment practices can be catastrophic, both for the insurance carrier and the customer. However, despite the high stakes, the way insurers calculate risk has been slow to keep up with the digital transformation of the insurance industry. Yes, many insurers utilize artificial intelligence and big data for processes like claims and billing, but some areas could still use help.

As of late, some insurers have started to see the potential in using geospatial property intelligence to inform risk assessment and underwriting. Using this widely available data and technology, insurers can now quote, assess, and protect their customers in a whole new way.

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