Location in Insurance Risk Management  Nigel Lester Sales Director - South East Asia MapInfo Corporation Email: nigel.lester@mapinfo.com Location has long been a critical element to the insurance industry. Understanding where a property is in relation to the risk elements, is a core decision affecting an insurance carrier’s profitability. Since the events of 9-11, the importance of understanding “where” in relation to risk management, has become an even more critical process. Terrorism has become a global concern and a new element in underwriting. Using location-based technology is a simple solution to a complex, real-world problem for the insurance industry In today’s competitive business environment, location information becomes the foundation of knowledge that can be nothing less than the difference between profitability and disastrous loss. But underwriting is not the only area where location is crucial in insurance. Other departments and applications leverage location information to better market, sell and service customers. Why Mapping? It’s all about information. Insurers depend on geographic and demographic information to assess underwriting risk, handle claims, match coverage, expand markets, serve existing customers and develop new business. Complicating matters is the sheer volume of data— claims histories, natural and man-made hazards, risk factors, locations, competitive intelligence and much more. Storing, retrieving, interpreting, and applying all of this data in a meaningful way can be a staggering and expensive proposition. Spatial technology has become an invaluable strategic tool to many leading insurers. Mapping allows insurance professionals to quickly access information, recognize patterns and trends, and drill down into data for detailed analysis and sound decision-making. Ways Mapping is Used Here are some examples of how insurance companies are using mapping to run mission-critical applications: Risk Management
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