LONDON — As late summer brings the threat of flash floodsi, LexisNexis® Map View, the geospatial data visualisation tool can now offer insurance providers even greater visibility into environmental and perils risks across the whole of their book to help price more accurately, plan resources for extreme weather events and manage claims.
Map View currently offers over 40 risk datasets - from crime to subsidence, from fire to flood. Brokers, MGAs and Insurers can use Map View to understand perils risks right down to the precision of the building outline, typically seeing a 50% reduction in flood exposure and 8% improvement in new business targetingii
The update to the Map View user interface brings additional tools for insurance providers to assess and filter both policy and perils data. This may reduce the amount of data presented, ensuring the quotes or policies with the highest level of risk stand out.
Insurance providers can also now import files such as storm tracts, or create new zones for the identification and analysis of on-cover policies. Added to this, a range of additional capacity management tools will help insurance providers target areas where they can sell more business in large cities and automatically identify where they have areas of high concentrations of Sums Insured.
Technology is helping the property insurance industry to assess data and events in much faster time frames. In the past it might take days or weeks to assess the exposure to a climate event, today, Map View using real-time flood warning data, can quickly calculate the levels of exposure and export customer lists to help with mitigating damage from the upcoming event.
Jonathan Guard, Director, Commercial Insurance, UK & Ireland, LexisNexis Risk Solutions said: “The property insurance market is facing pricing pressures that demand a deeper understanding of risk as climate change and severe weather events continue to have a significant impact on their loss ratios and how they manage their portfolio. Map View can offer a direct response to these challenges, helping the market to tackle these environmental-related threats.
“Map View allows insurance providers to understand location and property risks at a highly granular level, helping insurance providers price with pinpoint accuracy, manage their portfolio and take immediate action to limit their exposures based on real-time data.”
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.