Risk

Insurance

In the highly competitive insurance market place, you need accurate, flexible and detailed intelligence to keep one step ahead. From accurate risk assessment and rating to reduction of fraud, through to swifter claims processing, the geographic data underpinning your analysis has to be definitive in order for you to get a full understanding of your business environment and to make more informed decisions.

By reducing costs through improved claims management or by managing risk accumulation and re-insurance more effectively, geographic intelligence can help your business save time and money.

By providing you with a better view of your marketplace, enabling your business to identify and manage the opportunities and challenges in relation to risk, claims and fraud, geographic intelligence can help your business to increase revenue and profit.

Geographic intelligence and risk

With many insurers re-examining their approach to risk to ensure FSA compliance, there is a growing demand for greater precision in identifying individual risk locations and their associated exposures.

Ordnance Survey’s accurate, reliable and detailed geographic data is key to providing a clear single view of your risk portfolios.

Pinpointing the location of your policies at individual address level adds a valuable dimension to understanding your exposure to risk at policy, class and book level. When combined with your own and third party data, it enables a greater insight into risk accumulation, evaluation and management helping you to achieve the FSA requirements.

Benefits to your business can include:

• Helping to meet the FSA capital adequacy and risk management requirements
• Increased profitability through improved and more competitive pricing
• Enhances your ability to spread risk more effectively through a better view of risk accumulation
• Reduced levels of unacceptable risk
• Can naturally form part of your overall Enterprise Risk Management Strategy.

Geographic intelligence and claims

Insurers are operating in an increasingly concentrated market. Competitive pricing and enhanced levels of service are vital to secure new business and retain existing customers.

Ordnance Survey’s reliable and detailed geographic data is key to helping you understand and improve your claims management processes.

Pinpointing the location of your policies at property level not only enables claims handlers to settle claims more efficiently but also highlights relationships between policyholders and service providers. When combined with your own and third party data, location information provides a clearer picture of relationships across the entire transaction cycle.

Benefits to your business can include:

• Reduced claims costs
• Swifter claims processing and settlement
• Reduced claims leakage and secondary losses
• Improved loss ratio by repudiating fraudulent claims
• A more competitive service
• Improved customer satisfaction and loyalty
• Reflect claims history in the rating and pricing process.

Geographic intelligence and fraud

Ordnance Survey’s extensive portfolio of geographic data is key to integrating systems for screening, validating and investigating potentially false claims. It can also assist in demonstrating that you are using all means available to meet any future guidelines that the FSA may set.

Combining your own and third party information with our location data can give you greater confidence in analysing, highlighting and preventing fraudulent claims and help reduce potentially fraudulent policy applications. The ability to drill down to an individual address level in the data enables you to accurately locate claimant, witness and third party addresses in addition to the claim location and investigate the relationship between them.

Your fraudulent claims experience can be analysed in detail geographically to provide further insight. It can then be compared to your full claims experience on a national basis to identify trends, hotspots and patterns to help ensure your anti-fraud strategy is targeting the correct areas. This information can be used to refine your underwriting policies to counter the effect of fraud.

Geographic data also provides the platform for greater data sharing between insurers and their relevant business partners, and between the relevant industry bodies in the fight against fraud.

You can model combined data to give a clear and detailed view of circumstances surrounding a potentially fraudulent claim from your desktop. Information can be queried and analysed more quickly and flexibly, reducing the time taken to evaluate, settle and repudiate claims and fraud data.

Benefits to your business:

• Identify trends, patterns, relationships and anomalies in claims
• Detect, investigate and prevent the settlement of fraudulent claims
• Improve your loss ratio by repudiating fraudulent claims
• Provide a more competitive service by speeding up claims handling
• Prevent potentially false policy applications
• Pinpoint fraud hotspots
• Reduce the need for lengthy site visits
• Improved intelligence through better data sharing
• Improved counter fraud underwriting policy.