In the first week of the blog Alex MacKay, our CEO talked about an executive roundtable luncheon with Senior Executives from leading Canadian organizations that was held during our user conference, Expedition 2010. One of the discussion points centered around whether Location Intelligence was mainstream. As it turns out, it really varies based on industry and business function. However, in insurance for example Jim Carroll advised us that location is on the agenda of the top 25 insurance companies in the world. So why do these organizations find this topic so interesting? Here’s the top 6 reasons insurance companies need to know about Location Intelligence…
1. Create Advanced Accumulation Rules – improve property underwriting accuracy and quality with real time accumulation knowledge to reveal exposure with accurately located recision address authentication
2. Reduce Claims Exposure and Detect Fraud – utilizing address and proximity data to identify patterns and opportunities will immediately improve decision making regarding new and existing risk exposures
3. Increase Automated Decisions – having the whole picture will help Underwriters reduce the need for pre-loss inspections to assess risk exposure, right from their desktop
4. Visualize Your Book of Business – having the right data and analysis tools will increase an Underwriter’s capacity for identifying migration, risk, growth and retention opportunities
5. Manage Re-insurance Treaties – utilizing accumulation and exposure knowledge derived from Location Intelligence
6. Improve Take Up Rates and Decline Ratios – through the utilization of advanced pre-screening tools that know positive and negative property risk factors, Underwriters and Brokers can speed up decision cycles with confidence
All of these applications can represent significant gains for insurance companies. Savings realized by improved processes, competitiveness through customer satisfaction and improved underwriting and loss ratio.
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