Underwriting Solutions Powered by Geospatial Intelligence
Improve Risk Selection, Identify Growth Opportunities & Reduce Losses by Harnessing the Power of Geospatial Intelligence
Profitably growing your book of business and minimizing losses starts with disciplined Saturation Management and taking advantage of your biggest asset, Capacity.
Over the years, spread of risk has proven itself as the best defense strategy, yet it’s often overlooked or reactively managed in today’s insurance environment due to a of lack of modern underwriting solutions.
If you don’t see exactly where you are writing business and experiencing losses, how can you manage exposure, improve segmentation and price more accurately?
The GIA Map Mapplication platform and API integrates natural hazard data, analytics, mapping, and book of business data to help insurers effectively manage their TIV and PIF Saturation for enhanced decision making.
GIA Map helps:
- Create customized buffers to automatically manage risk accumulations (TIV, PIF or aggregate limits) enabling carriers to make the law of large numbers work in their favor
- Boost underwriting and rating results through address level vulnerability scoring and in-force book of business saturation monitoring
- Identify most desirable growth areas to launch new products or marketing programs
- Understand the impact of severe weather events at the portfolio and address level to more effectively deploy claims resources
Geospatial intelligence can assist insurers throughout the customer cycle from Quoting through Claims response
Insurers who use GIA Map’s geospatial intelligence may benefit in a variety of ways, including:
- Holistic Approach - Analyze your active book of business and apply algorithms to return wildfire scoring and saturation results in minutes. GIA Map's algorithms are based on your settings, not static models irrelevant to your appetite
- Armed with the results data, you can identify and take necessary action on any policies, either due to high wildfire scoring or accumulation exceeding company, book or product limits
- Use our API to automatically and proactively manage accumulations to ensure the spread of risk, at time of quote and binding
- Improve the agent and customer experience by applying insurer appetite settings at quote and moving submissions down the underwriting chain by routing to an underwriter for review or declining new business due to underwriting moratoriums
- Increase transparent communication between Management, Underwriting, Product, Claims and Marketing by providing a holistic map-based view of business 24/7/365
- Deliver notifications about the company-specific impact of severe weather events at the address and portfolio level via automated alerts to underwriting and claims
- Pinpoint and automatically create geofencing moratoriums for specified areas to pause new business instead of using broad-brush zip code lock-downs for weeks at a time
- Help enhance the customer experience by sending automated messages to policyholders before first notice of loss (FNOL)
- Identify new business opportunities in areas by highlighting indications to marketing and agents to show where rates have gone down or remained flat