Johannesburg, Gauteng, 30 January 2017 – For brokers and insurers to remain viable in an evolving world, they need to invest in geographically-enabled technology like Geographic Information Systems (GIS). By modernising their information systems with GIS technology, brokers and insurers can boost the effectiveness of their staff, deliver better services, improve claims processes and increase customer satisfaction.
“GIS intelligently captures, stores, checks and displays geographical data for analysis,” says Sujeeth Bishoon, Executive Head at Acuideas. “While the technology isn’t new, it’s becoming increasingly relevant to the insurance industry as claims are all location-based. Through GIS, you get relevant, real-time location data, which reveals valuable insights and helps insurance companies and brokerage firms improve their decision making processes.”
Insurers that increase their usage of location intelligence through GIS technology can benefit from an enhanced organisational performance, such as money and time saved by correcting wrong addresses; superior service delivery, including more efficient routing of adjusters; facilitated data integration, where third-party and externally collected data are integrated to support claims; and the performance of essential analyses, which include fraud detection and eligibility determination.
With GIS technology comes new opportunities, such as enriched lead data and greater acquisition prospects. GIS provides insight for product development and assists with customer segmentation. By identifying specific locations, customers can be targeted based on LSM and risk profiling data, while advice can also be tailored through a better understanding of the client’s circumstances. For the broker, they can differentiate themselves from others in the industry by using the tool to supply commercial new business clients with a geo location risk dashboard. This information allows them to improve the quality of risk advice.
In addition, the technology helps insurers and brokers develop a more customer-centric IT system, which helps to better understand and assess client risks, ultimately improving the customer experience. For this system to work effectively, however, it’s essential to know where assets are and their proximity to potential hazards.
“With access to real-time, up-to-date, location-based data, you can not only enhance the accuracy of your policy pricing, but also speed up the claims process. But the biggest benefit of this technology is that it’s transforming the way the insurance industry identifies and manages risk,” explains Bishoon.
GIS technology interoperates with other systems to provide detailed geographical analysis, right down to pinpointing the longitude and latitude of exact asset locations. When this is combined with, for example, a database with flood or fire information, it delivers a more comprehensive picture, allowing for better risk management.
“Armed with this technology, insurers and brokers around the world are improving their product development strategies, so they can offer the right products and services to their clients,” continues Bishoon. “In today’s increasingly competitive market, this geographic technology offers an immediate advantage and those in the industry who aren’t looking at incorporating GIS into their business systems face being left behind.”