Business benefits

The insurance market is highly competitive and moving towards stringent FSA regulation. Combating fraud, assessing risk and managing claims are key industry concerns, particularly in light of increasing terrorism and climatic change. Accuracy and transparency in addressing these issues are becoming increasingly vital. Geographic data can not only help you comply with FSA requirements but also enable greater efficiency and accuracy in your business processes.

Geographic intelligence, using definitive location data from Ordnance Survey, enables new ways of managing, analysing and sharing information through the common framework of geography.

Applications include:

• Risk assessment (underwriting and point-of-sale; analysis modelling and risk measurement; and product development)
• Claims management (managed contractor network and resource management, and claims processing)
• Combating fraud (identification and prevention of fraudulent claims and applications).

When used in conjunction with your own data, business benefits can include:

• Greater understanding of risk type and customer base
• Improved event modelling and loss predictions
• Ability to rate risks more competitively
• Swifter claims processing and settlement for satisfied policyholders
• More efficiently managed contractor networks and field resources
• Detect potentially fraudulent claims through trend and anomaly identification
• Improved coordination and easier data sharing
• Time and resource savings.