Pitney Bowes launches Risk Data Suite
Pitney Bowes Business Insight (PBBI) has launched a new product aimed at making rates and claims decisions faster and more accurate.
Risk Data Suite combines geospatial datasets and historical information on a variety of perils including flooding, subsidence, crime and arson.
It has the ability to analyse this data via PBBI’s MapInfo Professional location intelligence and mapping software, creating an integrated, location-specific view of potential risk.
The new offering therefore has the potential to improve understanding of exposure and can allow insurers to offer customers ratings based on exact locations and demographics, rather than standard banding.
Barbican Insurance, which is a Lloyd’s syndicate company, is the first to use the product, and the firm’s corporate catastrophe accumulations manager, David Horan, comments: “We can look up specific risks and identify exposure hotspots in precise locations, and drill down for more information just by clicking on the highlighted areas on the onscreen map.”
He adds: “We can also better respond to Lloyd’s Realistic Disaster Scenario events, which is important for maintaining our standing in the industry.”
This week has also seen the launch of SAS Risk Management for Insurance.
SAS describes the package as a comprehensive solution for risk analysis and risk-based capital calculation.
The software can be used by both life and property & casualty firms to implement the Solvency II standard model for calculating risk-based capital.
Category: Companies News, Insurance News
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