Our journey began two years ago when we identified the need to develop in-house capabilities to assess perils exposure at property level. We recognised the need to equip ourselves with the capability to make informed risk-selection decisions at both portfolio and case level to offer a highly-competitive policy coverage and service to our customers.
We continuously seek out the latest technologies to enhance our customer service, front-line underwriting and claims management. Our most recent adoption has given us capabilities to improve our assessment of risk, reduce claims and improve productivityZofia Weaver, GIS Manager
To implement our strategic vision, dedicated resources were drawn from across the organisation and assigned to identify a system to assess storm and flood perils, alongside our own historic claims, and also manage aggregation using a dedicated system. Model development company Sciemus® had gained a reputation for creating bespoke analytical technology for the insurance sector. In 2010, an agreement was made between Sciemus and Ecclesiastical to develop a custom geospatial and peril assessment model.
Sciemus PinPoint® combines storm, flood, exposure and claims data using Ordnance Survey’s ADDRESS-POINT®, OS Street View® and Points of Interest and overlays these onto an Esri® platform. The system is a powerful single source of information, enabling the user to see a full picture of physical risks in the context of in-house claims and policy data. The system produces a customised flood score and storm score. These bespoke analytics enable accurate and rapid assessment of property risk from flood and wind-storm.
The system is being used as a referral tool within underwriting to actively manage risk selection, by our actuarial team to enhance pricing, and by our claims team to identify, locate and contact customers who may be under threat from a specific weather event, such as flooding.
We’ve benefited from more accurate assessment of risks, faster decision-making on policy coverage, powerful aggregation analysis, and improved portfolio management. As we continue to roll out the system, we anticipate further productivity gains, reduced claims costs and continued improvement of customer service and satisfaction. In preparation for this, we are working on clear underwriting guidelines around making policy decisions with our new-found capabilities.Our corporate priorities include the ongoing development of a robust pricing and underwriting discipline, the achievement of which will be supported by PinPoint. We recognise that this can only be achieved by insurers who continuously seek out the latest technologies and insights. Here at Ecclesiastical we’re already entering the next stage of our strategy, which involves implementing other sources of data to further enhance both account and case-level underwriting.