by Juergen Weiss | November 5, 2012 | Comments Off on Location Intelligence: Keeping Track of Covered Assets for Property Insurance
Kimberly Harris-Ferrante here: “P&C insurers offering property coverage must embrace new techniques to help lower the cost of physical inspection, increase the accuracy of risk assessment, improve claims handling, reduce fraud, and improve accuracy of pricing and underwriting through greater insight into property risks. For years, companies have questioned how to accomplish this, and began to adopt technologies, such as GIS and geocoding, in isolated instances throughout the enterprise. Initiatives often started with underwriting, but did not expand to other business units or emerging technologies, nor were they integrated into the core insurance systems or desktop technologies used by insurance professionals. This research outlines the emerging area of location intelligence, explaining its use for property insurers. Location intelligence is the use of new data sources — both structured and unstructured — to assist P&C insurers that are conducting property valuations and risk assessments with determining the accurate risk associated with a physical location or property. This includes mapping technologies, such as GIS and geocoding, as well as the use of Internet-based maps and digital/aerial imagery offered by specialty companies servicing the real estate, insurance and government market. It is important to note that data is not available in all countries, cities and locations. Many countries have limited information that is provided by governmental agencies. In rural areas, imagery may be updated infrequently or is not available at all. Assessing the quality and accessibility of data must be a fundamental step in planning for location intelligence. Location intelligence today is not a well-known concept among P&C insurers. Tier 1 companies mostly made investments in GIS and geocoding in the past, but this has yet to become commonplace in Tier 2 and Tier 3 companies, or in geographies outside the U.S., Canada, and the U.K., where vendors are prevalent.” Read this note for further details: “Location Intelligence and Property Insurance: Underused Assets to Improve Risk Decisions for more information on location intelligence”.
Read Complimentary Relevant Research
Predicts 2017: Artificial Intelligence
Artificial intelligence is changing the way in which organizations innovate and communicate their processes, products and services. Practical...
View Relevant Webinars
The IoT In Manufacturing Operations: Where Are We Now?
The Internet of Things (IoT) is a paradigm shift for manufacturing operations. Its fanfare creates uncertainty in state-of-the-art technology...
Comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent the views of Gartner, Inc. or its management. Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes, with attribution to Gartner. This content may not be used for any other purposes in any other formats or media. The content on this blog is provided on an "as-is" basis. Gartner shall not be liable for any damages whatsoever arising out of the content or use of this blog.