Improve underwriting decisions
This insurance organization sought to improve risk awareness and monitor exposure more effectively with analytic solutions and risk data from Pitney Bowes Software.
Challenge
The company wanted to make faster and more accurate underwriting decisions based on location and demographic data. By gaining a better understanding of the level of exposure of specific postcodes, it wanted to help customer's min risk and more accurately manage claims and reinsurance costs.As a relatively new company unencumbered by legacy systems, they wanted an integrated solution that combined data on perils such as flooding, subsidence and crime with precise postcode information. Pitney Bowes worked closely with the organization to design integrated business solutions for the company.
Solution
Pitney Bowes Software developed a system for the company where they can make sophisticated underwriting decisions based on current conditions and the history of the location.The solution came through the Risk Data Suite, a new product for the insurance industry designed to assist underwriting decisions and improve risk awareness. This allowed the organization to analyze risk data with MapInfo Professional as well as location intelligence and mapping software.
Benefits
- The organization became particularly attractive to brokers, because of its ability to produce sophisticated analyses in real time
- Enhanced services to customers using greater intelligence and accuracy of data
- Enabled the organization to offer a significantly more personalised service for customers.