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Innovative risk and claims<br />
management solutions<br />
In today’s competitive <strong>Insurance</strong> market, underwriters must effectively identify<br />
key factors affecting risk, while claims managers need to reduce the overall<br />
cost of processing claims. Carriers also need to more effectively target<br />
specific markets to keep a competitive advantage. Achieving sustainable<br />
profitability is key.<br />
<strong>MapInfo</strong>’s insurance solutions enable carriers to spatially visualize and analyze<br />
their risk exposure in both personal and commercial lines across their entire<br />
product portfolio, and efficiently share this information with key stakeholders<br />
within their organization.<br />
With Insurers facing shortfalls in premium revenues compared to the cost of<br />
settlement, the industry needs to identify and correct areas within the claims<br />
management process that excessively contribute to the cost of the claim.<br />
The answer? Integrate <strong>MapInfo</strong> solutions for powerful results.<br />
INNOVATIVE SOLUTIONS<br />
The power of location analysis<br />
applied to risk management<br />
Some potential benefits to insurers:<br />
· Bring a critical added dimension to already existing data<br />
· Geocoding of policies and assignment of rating/coding attributes (municipality<br />
codes, fire protection classes, rating territories, etc) to ensure proper premiums and<br />
minimize regulatory concerns<br />
· Visualize competitive position in every market segment<br />
· Analyze market concentration and rate adequacy within market segments, targeting<br />
areas with most opportunity<br />
· Analysis of loss patterns including catastrophe model output and comparison of<br />
adjacent areas to determine new rating territories<br />
· Precisely set premiums based on accurate rating and pricing<br />
· Profile policyholders to determine “who” the best customers are, “what” products<br />
and services have the strongest appeal, and “where” are the highest concentration<br />
of households most likely to purchase<br />
· Identity best product mix and cross-sell opportunities for current policyholders<br />
· Accurately report on the accumulation of risks by any geographic area<br />
· Analyze market potential to determine “wallet share” versus competitors<br />
· Determine potential “lifetime” value of customer<br />
· Implement enhanced contractor selection and referral processes within the call<br />
center to increase efficiency and minimize cost of claims<br />
· Increase the operational efficiency of field-based loss adjusters by optimizing their<br />
daily routing<br />
· Predict product potential and customer behavior through the use of demographic<br />
and lifestyle segmentation<br />
· Create an optimized network of service providers
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