Mapping risk is one way to bring down the cost of insurance. Geospatial technology is playing an ever-greater role in providing insurance companies with real-time location intelligence.
So how do insurance companies use location intelligence?
Location-based phenomena such as earthquake damage, floods, hurricanes and other natural disasters can be hard to predict but geospatial technology is revolutionising insurance and risk technology and management. Insurers carry extensive risk and require detailed and accurate location intelligence in order to lessen risk and offer competitive premiums to target markets.
Location intelligence allows underwriters to use real-time data faster and with far greater clarity and accuracy. Geollect analysts can produce more granular levels of detail with a more holistic view for insurance risk assessments, based on past data, current trends and using the most advanced real-time data available.