Geospatial Intelligence for Insurance
Reliable and accurate location data plays a prominent role in the insurance industry.
Precise location can help underwrite and set premiums, identify the potential risks or disasters in an area and detect fraudulent claims.
Geospatial Risks Intelligence
Location data enables an accurate view of risk and exposure. Combined with other leading technology platforms, it has the potential to improve your customer’s experience, monitor customer behaviour, reduce your operational costs and overcome challenges.
With Geoscape you can use various location data products and integrate them into your workflow. Geoscape G-NAF is considered a de-facto address location data product by the insurance industry.
Overcome Challenges with Geospatial Technologies
Optimise Risk Modelling
The cost of poor risk assessment practices can be catastrophic. Insurance underwriters need to know the precise location of properties and their proximity to hazardous incidents such as storms, floods, and bushfires.
Geoscape trusted national location data facilitates decision-making down to the address level. Physical characteristics – such as building footprints & heights, ground elevation, estimated levels, roof material/type/shape, solar panels, swimming pools and tree overhang – combined with peril data provide powerful insights for risk analytics and algorithms and support more accurate risk modelling and informed pricing.
Risk Exposure & Policy Renewals
Visualise, understand and analyse risk exposure.
Geoscape data is a key input in determining risk ratings. Attribution of the built environment drives insight to the changes in the insured properties to ensure policies are priced accurately and policy renewal is based on informed decisions.
Insurance companies can also use these insights to understand the number of claims that can be expected and create contingency plans in advance.
Check out the blog around Geoscape data used to determine Urban Heat Island effect.
Better Claim Management & Customer Experience
Based on built environment data create risk analysis systems, dashboards and reports to respond in real time to catastrophic events.
Use these insights to advise customers of the risks associated with their property – allowing them to implement protective measures to safeguard their assets and reduce risk exposure for future claims.
Also, get a better understanding of a policyholder’s surrounding environment, and process claims faster improving customer experience.
Loss estimation with reduced site visits
Survey sites remotely at any time to measure distances, check roof heights and shapes, assess tree coverage and more – reducing the need for manual site visits. Geoscape data is continually updated for greater levels of detail and accuracy to reflect changes in the real world.
More Accurate Quoting
Predictive address validation and pre-population of the known physical characteristics at the point of quote using Geoscape data and suite of API ensures more accurate quotes and a better customer experience.
Detect Fraud
Geoscape data helps to assess claim legitimacy. When a report of a damaged building is received, your customer support team can immediately access Geoscape’s most updated address data to support claims faster.
Rely on Geoscape location data
Geoscape Data Products
Geoscape location data is proven, reliable and accurate. It is a digital representation that describes the addresses, land, buildings and transport networks across Australia’s 7.6 million km2. We continuously source, process and deliver data to various endpoints, including APIs and a self-service portal.
Geoscape Custom Data Solution
Geoscape Custom Data Solutions provides you with the flexibility to access specific, reliable and valuable location data tailored to your use. You can access whatever spatial data you need when you need it.
Get access to Geoscape Partners
Geoscape partners have extensive experience in the insurance sector. Our partners power new technologies, products and processes to help improve productivity and increase growth.
Learn how location data is used in Insurance!
We recently hosted a webinar with Finity Consulting – Actuarial and Insurance Consultants, where we discussed specific success stories of location data being used to extract actionable insights in the insurance sector.
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Find out about using Geoscape location data for Insurance.
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- Copyright notice 2 – Created using aerial imagery © Aerometrex Ltd 2022, and Geoscape Buildings © Geoscape Australia 2022 Copyright and Disclaimer Notice.
- Copyright notice 3 – Created using aerial imagery © Aerometrex Ltd 2022, and Geoscape Buildings and Geoscape Solar © Geoscape Australia 2022 Copyright and Disclaimer Notice.
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