Surviving In The Face Of Uncertainty
More and more claims and risk teams are clamoring for a disaster response system that
allows for remote assessment of property-specific impacts in real-time. This allows them to
respond in a proactive manner, with greater accuracy and quicker response times to
catastrophic events. The teams need answers to such questions as:
GIS and Policyholders
Location intelligence can help insurers understand where their policyholders are
located, as well as their proximity to specific hazards. In the event of a catastrophe, it
can help identify the location of their policyholders and assess the impact of the storm
on those areas. By better understanding the risks, GIS can help insurers better meet the
needs of the insured.
What impact could a hurricane have on my properties in its current path?
How will rising sea levels and land temperatures affect my properties in low lying
coastal areas?
What areas are most prone to civil unrest that could impact my retail properties?
How are shipping and trucking supply chains affected for distribution purposes?
Can I simulate a past natural disaster to identify low-risk areas to build my next
commercial property?
To obtain answers to questions like these and many others, risk managers and insurance
companies are deploying geospatial analytics.
The Power of GIS
The rapid development of geographic information systems (GIS) – and its unique mapping
capabilities -- has effectively transformed natural disaster analysis into relevant, actionable
intelligence. Thanks to GIS technology today, the paths of a hurricane – and its impact -- can
be mapped out, modeled, and measured. Advanced geospatial capabilities are helping
insurers better understand, prepare and respond to the likes of Hurricane Ian.
GIS also helps to expedite claims processing. Traditionally, it might take days or even weeks to
assess the company's exposure to a catastrophic event. Data visualization tools, coupled with
real-time flood warning data, can quickly calculate the levels and degree of exposure. The
system can then export a list to help with mitigating damage from the upcoming event.
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