GIS for Insurance

GIS software provides companies in the insurance industry with the opportunity to more closely examine and manage risk and customer information, contributing to the accuracy of quotations and forecasting.

The use of GIS software is well-established in the insurance industry. It has become invaluable in assessing risk mitigation and management for both natural and man-made disasters like tsunamis, hurricanes and oil spills.

Use eSpatial OnDemand GIS™ to:

• Create clear, visual maps that communicate complex data.
• Gain deeper insights into risk and claim statistics and data.
• Analyse customer locations and their potential risk factors, and adjust policy conditions accordingly.

Reduce exposure to risk

eSpatial OnDemand GIS gives insurance providers quick and easy access to data that helps to evaluate and minimise risk exposure, and provide a more responsive claims support process.

• Examining risks related to natural disasters and human factors enables you to analyse exposure to potential hazards and make decisions pertaining to policies and pricing accordingly.
• Analysing potential risk prior to issuing policy documents ensures that cover is priced appropriately to the level of risk.
• In disaster-prone markets – for example, areas that are prone to earthquakes, hurricanes or tornadoes – monitor your level of exposure, and choose whether to accept or on-sell risk above acceptable levels.
• In the wake of natural disasters, use GIS software to assist emergency services, and accelerate response rates to ensure speedy customer claim processing.

How the insurance industry uses GIS software

• Crime
  Compare claims associated with crime – theft, fire, health, claims related to physical harm – with crime statistics related to an area. Identify potential hotspots by examining reports and statistics which can be clearly displayed in a number of charts, maps and graphs.

• Claims
  Map the location and policy types held by customers. Add layers illustrating the location, type and value of claims made.

• Risk management
  Map natural disaster exposure in area in areas known to be at risk. Plot policy holders, their policy limits and other policy information in order to accurately assess risk exposure. Plot historical damage and claims data for comparison.

• Disaster management
  Prevent and reduce the risk, damage and loss after the occurrence of a disaster. Shorten the recovery period through the use of operational or implementation assistance when carrying out rescue and relief operations.

• Revenue growth
  Identify areas for expansion by using customer and census data to find concentrations of desirable customers based on demographics. Cross-reference these with crime and natural disaster risk factors to find areas with desirable market potential.

Ready to find out more?

We’re here to help you to learn about how GIS software can most effectively deliver value to your business. Please contact us and we’ll get in touch!