Underwriting Meets Geospatial Intelligence
WILDFIRE | FLOOD | EARTHQUAKE | SEVERE WEATHER
Improve Risk Selection, Identify Growth Opportunities & Reduce Losses by Harnessing the Power of Geospatial Intelligence
Profitably growing your book of business and minimizing losses starts with disciplined Saturation Management and taking advantage of your biggest asset, Capacity.
Over the years, spread of risk has proven itself as the best defense strategy, yet it’s often overlooked or reactively managed in today’s insurance environment due to a of lack of modern underwriting solutions.
If you don’t see exactly where you are writing business and experiencing losses, how can you manage exposure, improve segmentation and price more accurately?
The Disadvantages of Current Risk Assessment Methods
Risk scoring, distance to hazard, and zip code based analysis are frequently used to assess risk exposure. While these forms of analysis can generate useful insights, they can be flawed because they are either too broad or narrow in their focus. For example, zip codes are not geographic boundaries, instead they are a collection of routes used for postal delivery. When used in data analysis, they often mask real insights.
Geospatial Intelligence removes artificial boundaries, which empowers understanding, decision-making and prediction.
"We actually use the tool twofold. One way is to proactively reach out in the event of extreme weather, the other is from a risk-rating perspective, so we also use it as an underwriting tool in combination with the scoring methodology GIA Map provides."
Mike Gulla, Hippo Insurance
Using Geospatial Intelligence for Better Risk Management
Grow Your Book of Business and Minimize Risk with GIA Map's Geospatial Analytics
GIA Map helps auto, home, and commercial property insurers quickly and easily measure and manage their exposure using geospatial intelligence. Finite location analysis helps eliminate oversaturation and helps proactively control growth in vulnerable areas.
Founded by industry veterans David Jowell and Alicia Naiman, GIA Map integrates natural hazard data, analytics, mapping, and book of business data to help insurers effectively manage their TIV and PIF Saturation for enhanced decision making. GIA Map helps:
Create customized buffers to automatically manage risk accumulations (TIV, PIF or aggregate limits) enabling carriers to make the law of large numbers work in their favor
Boost underwriting and rating results through address level vulnerability scoring and in-force book of business saturation monitoring
Identify most desirable growth areas to launch new products or marketing programs
Understand the impact of severe weather events at the portfolio and address level to more effectively deploy claims resources
A Sample of Our Clients and Industry Partners
"LSI Insurance Services has been a GIA Map customer since early 2017. GIA has become instrumental in the operation of our wholesale property insurance business. When dreaded wildfire erupts, the live fire data layers assist in swiftly identifying properties at risk as well as setting sensible moratoriums."
Morgan Kern, EVP
LSI Insurance Services, Inc.
GIA Map Real-Time and Historical Datasets & Insights
CAT losses are expected to increase due to multiple factors; urban expansion in vulnerable areas, denser forest fuels, climate change, and new homes increasing in size.
GIA Map helps property and auto insurers to effectively manage risk and proactively communicate with customers during severe weather events by providing real-time and historical map layers for 40 + natural hazard perils.
Some of our most popular map layers include Prior Wildfire (dates back to 1800s), Flood, Hail, Tornado, Custom Territories, and our breakthrough Wildfire Vulnerability Score.
A More Innovative Approach to Wildfire Underwriting
Many of today’s wildfire models were created by people who have never underwritten a policy or placed a risk. GIA Map’s wildfire vulnerability score combines our CAT Management expertise, along with the accuracy of geospatial data. This combination allows our customers to uncover new insights into wildfire risk and enables them to assess and price wildfire risk with more precision.
GIA Map’s wildfire vulnerability scores and features are available through API, Web-based platform, and mobile application.
The Impact of Geospatial Intelligence in P&C Insurance
How Can Geospatial Intelligence Help?
Geospatial intelligence can assist insurers throughout the customer cycle from Quoting through Claims response. Insurers who use GIA Map’s geospatial intelligence may benefit in a variety of ways, including:
Holistic Approach - Analyze your active book of business and apply algorithms to return wildfire scoring and saturation results in minutes. GIA Map's algorithms are based on your settings, not static models irrelevant to your appetite
Armed with the results data, you can identify and take necessary action on any policies, either due to high wildfire scoring or accumulation exceeding company, book or product limits
Use our API to automatically and proactively manage accumulations to ensure the spread of risk, at time of quote and binding
Improve the agent and customer experience by applying insurer appetite settings at quote and moving submissions down the underwriting chain by routing to an underwriter for review or declining new business due to underwriting moratoriums
Increase transparent communication between Management, Underwriting, Product, Claims and Marketing by providing a holistic map-based view of business 24/7/365
Deliver notifications about the company-specific impact of severe weather events at the address and portfolio level via automated alerts to underwriting and claims
Pinpoint and automatically create geofencing moratoriums for specified areas to pause new business instead of using broad-brush zip code lock-downs for weeks at a time
Help enhance the customer experience by sending automated messages to policyholders before first notice of loss (FNOL)
Claims Geo Studies – Uncover geographical trends on where your claims are occurring
Identify new business opportunities in areas by highlighting indications to marketing and agents to show where rates have gone down or remained flat
What Makes GIA Map Unique?
We understand that every Insurance Company, MGA and Agency has its own unique set of needs, challenges, and ways of conducting business. We know this because we’ve been in your shoes before! This is why GIA Map takes the time to listen, understand your company and use our 40+ years of insurance expertise to help solve your problems using geospatial intelligence.
Schedule a demo to discuss how we can help with Underwriting, Claims, Product or Marketing.
GIA Mapplication - Map new and existing risks using geographic intelligence. Integrate and display your book of business to harness your policy and claims data. View Active and Historic Wildfire Data, Severe Weather, Hail, Tornado, EQ and policy data in seconds. Supports Underwriting, Claims, Product and Marketing.
GIA Map CATAlert - Automatically identifies your in force risks near CAT events in real-time. Receive automated email notifications listing potential policies impacted. Allows faster customer engagement and claims resource management.
GIA MapCheck - 24/7 mapping eligibility portal. Integrate your company appetite settings for risk location based on Individual Risk $ Limit, GIA Wildfire Score and Saturation Aggregate by portfolio limit.
GIA SmartMoratorium - Manage and View Moratoriums by Company and CAT Events in one easy to use dashboard. Map an address and quickly view all of your markets in one list, regardless of moratorium type (County, Zip Code, or Radius).
Special Projects - Let us run your book data to pull Wildfire Scores, Hail Scores, and/or Saturation. Know your exposures in minutes and take action where needed.
API - GIA Wildfire Score, Real-Time Hazard Events (Wildfire, EQ, Hail, Severe Weather), TIV Saturation, Distance to Coast.