Brokers and insurers are always looking for new ways to remain viable in an evolving world and one option is investing in geographically-enabled technology such as Geographic Information Systems or (GIS).
GIS technology provides a modernised information system, allowing brokers and insurers to boost staff efficiency, 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, an innovative insurance service offering from Indwe Intermediary Support Services, a subsidiary of Indwe Broker Holdings.
“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,” continues Bishoon.
Insurers that increase their usage of location intelligence through GIS technology can benefit from an enhanced organisational performance and also save money and time by correcting wrong addresses. A more efficient routing of adjusters can assist in smoother service delivery and 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 can assist in the overall performance of a company.
The technology also brings with it new opportunities, such as enriched lead data and greater acquisition prospects. GIS also provides insight for product development and assists with customer segmentation, by identifying and targeting customers based on specific locations, c LSM and risk profiling data. This is beneficial to brokers who gain a better understanding of the client’s circumstances and tailor advise accordingly.
Not only does this differentiate the broker from others in the industry but it also allows them to use these tools to supply commercial new business clients with a geo location risk dashboard, allowing them to improve the quality of risk advice.
“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, those companies not opting for new technology can risk, face being left behind.
This article first appeared on the 30th January 2017 on RiskAfrica.com. Read the article here.