How accurate data is delivering for Hiscox Insurance
Location data bringing efficiencies for its customers
Specialist insurer, Hiscox is using OS location data to pinpoint the location of valuable works of art and other valuables owned by their customers – enabling them to be safely insured through personalised insurance while managing Hiscox’s risk more effectively.
Using OS datasets such as AddressBase Premium, the Unique Property Reference Number (UPRN) and other products from the OS Mastermap family, Hiscox can identify the buildings where artworks are kept in relation to the wider landscape, to help spot potential risks and work out accurate insurance premiums. For example, if a customer’s home is near the river, their artwork could be at greater risk of flood damage. Similarly, Hiscox is also using OS data to identify their overall risk as a company, such as the number of artworks in a particular area, which could be at risk from a single event like a storm.
Dan Bishop, Head of Insurance Analytics for Hiscox UK, said: “Using OS data helps us keep our expenses down and utilise our capital investments more efficiently, which is ultimately reflected in the cost to the consumer as well.”
To learn more, watch Dan share his story of how working with OS helps his customers.
The power of addressing
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