Keep in mind that the technology is only as good
as the data that feeds it.
Like many industries, risk management and
insurance are plagued by poor data quality, lack
of integrated systems, and underutilization
challenges. For instance, some organizations still
leverage zip codes to pinpoint a building location
– which can have a huge discrepancy in
understanding exactly where a building resides.
It doesn't matter if you have a 99% location
accuracy for flood data when the underlying
data for the residence our business is not
accurate.
GIS has become an invaluable tool to assess
vulnerabilities, as well as potential damage and
risk. The ability to utilize spatial data, layered with
risk data, can provide one of the most accurate
pictures of what could happen, what is
happening and what did happen.
Also, the benefits of GIS are not confined to
catastrophic events. Risk and logistics managers
can use the technology to divert transportation
fleets to alternative routes with live information
about upcoming adverse weather conditions
that could make driving a hazard (see figure 1).
While Environmental, Social and Governance
(ESG) issues are gaining momentum in the
boardroom, senior executives are leveraging
geospatial to better understand the impact of
rising sea levels, or identify areas of land that are
used for agriculture, urbanization and overlay
geospatial layers for greater environmental
planning.
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