Geocoding for the Insurance Industry

IN AN AGE OF UNCERTAINTY, THE INSURANCE INDUSTRY

TURNS TO GEOCODING

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Location data is becoming increasingly important to the insurance industry. Traditional methods of risk assessment are no longer enough, that’s where Pitney Bowes come in, take a look...

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It’s clear the climate has become a greater factor in business planning than ever before...

STORMY TIMES AHEADIn the past few years, we’ve experienced some of the most unpredictable weather recorded – from the Icelandic volcano ash cloud that disrupted flights in Europe to the numerous severe thunderstorms in North America

This series of weather disasters have made it clear that climate is going to be more of a factor in business planning in the coming years. This is especially true for companies in the insurance industry, where accurate forecasting is all part of the job.

TRADITIONAL FORECASTING METHODS ARE NOT ENOUGH

For the insurance industry, accurate forecasting is an integral part of

the job

FORECASTING

IN AN AGE OF UNCERTAINTY...

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Geocoding is attaching a geographic location or lat/long to a record or business data.

THINGS ARE CHANGING...More and more firms are turning to Pitney Bowes to help with geocoding solutions that enhance the accuracy of risk forecasting and guarantee high-quality data that can be used in assessing risk. The higher quality the data, the more accurate the forecast. A single source of truth to locate and cleanse asset data resulting in great improvements in processing speed and data accuracy.

WHAT IS GEOCODING?

THE INSURANCE INDUSTRY TURNS TO GEOCODING!

TRADITIONAL RISK ASSESSMENTS

RISK ASSESSMENTS USING GEOCODING

Postcodes Socioeconomics

Real Time Quality Data

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ENHANCED ACCURACYCreate comprehensive and precise risk profiles for

properties around the world.

HIGH QUALITY DATAStreamline the geocoding process, cleansing millions of

address records, ensuring data’s as accurate as possible.

REAL-TIME DATASeamlessly integrate data with third-party sources continually updating in real-time.

WHAT TO DO?

With Pitney Bowes’s Geocoding you’ll never view risk profiling in the same way again.

GEOCODING TO THE RESCUE

Geocoding also improves processing speed and assists activities such customer relationship

management or business continuity.

THAT’S NOT ALL

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THE RESULT...

Adjust plans and policies not according to weather forecasts, but according to data ranging beyond housing and weather – demographics, local economic activity and geopolitical trends.

BUILD PROACTIVE RATHER THAN REACTIVE POLICIES

The value of property skyrocketing in the next 10 years.

A city’s latest infrastructure investment will affect properties close by.

Whether a new factory is at risk in a volatile location.

IMAGINE BEING ABLE TO PREDICT...

WITH GEOCODING IT’S NOW POSSIBLE.

NEXT GENERATION GEOCODINGWith next-generation geocoding tools, firms can now build proactive policies rather than reactive ones. Additionally, firms can create a centralised, 360 degree view of a customer that allows for highly accurate fraud detection, as well.

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GEOCODING - DISCOVER ITS POWER

We’re just discovering the power of dynamic, real-time location data.

KEY FEATURES

DYNAMIC DATAGeocoding can help insurance companies leverage the power of dynamic, real-time location data.

360 DEGREE VIEWGeocoding = centralized, 360 degrees view of customers for highly accurate forecasting and fraud detection.

CONCLUSIONIn an age of uncertain climate, a static postcode isn’t enough. To best evaluate policy risk, data should be integrated with third-party sources and continually updated in real-time for individual properties. This way, insurance providers can adjust plans and policies not only according to the latest weather forecasts, but according to data that ranges far beyond housing and weather. Geocoding from Pitney Bowes enables you to harness this power.

Now what?

NOW WHAT?

LEARN MORE ABOUT PITNEY BOWES’S GEOCODING SOLUTION...

CHECK OUT THIS INSURANCE COMPANY CASE STUDY...As a global company whose clients have risks in more than 150 countries, Willis Re wanted to implement the latest in location-based technologies to deliver enhanced service to its clients...