With ever-growing natural risk and catastrophic, insurers and re-insurers are actively looking to increase their portfolio resilience. Most of the re-insurers are currently updating their risk forecast models and increasing their rates toward the insurance companies. They themselves need to readjust their offer and find the right balance between churn rates and financial loss.
The main issue insurers and financial institutions are facing is a non-holistic single view of their portfolio. In other words, some key indicators are missing in the risk determination whether it is a natural peril, a socio-demographic risk or even a structural problem of the building itself. This is where GIS comes into play, enabling insurers to obtain accurate property insurance data.
Additionally, as the residential and commercial real estate value increased significantly over the last few years, it appears that even Federal flood insurance isn’t enough to protect most of the household in the United States.
To find the right balance and achieve a long-term resilience, insurances carriers rely more and more on rich and geospatial datasets in their customers’ life cycle through property data reports. However, these external datasets come with their fair share of challenges.
In this webinar, you will learn:
- The importance of property data solutions
- How to choose and benchmark the right variables to enhance to models
- How to deploy a robust and resilient Geospatial infrastructure
- How to integrate geospatial data in your Core insurance platform