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Expedite Claims With Location-Based Data
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ThomasP605
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ThomasP605,
User Rank: Apprentice
1/28/2015 | 1:11:05 PM
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ramkasi
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ramkasi,
User Rank: Apprentice
9/27/2014 | 11:17:45 AM
GIS+Visualization Techniques
A very useful article Vinod. Cannot agree more that Underwriters will immensly benefit from the use of location based data. By overlaying some of the information that you have mentioned like the past claims data, neighbourhood stores data, natural disaster data visually on top of the maps all in a single page using different visualization techniiques(colors, symbols and size attributes), it could become a very valuable risk assessment tool for the Underwriters.
Kelly22
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Kelly22,
User Rank: Author
9/26/2014 | 11:07:45 AM
Re: GIS
True - perhaps insurers are seen as slower in tech adoption because there are more roadblocks in insurance compared with other industries. As you note, insurers are making progress in the tech space. A couple are also jumping on the hackathon trend to spur innovation; it'll be interesting to see the results of those events in coming months. 
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/26/2014 | 5:44:18 AM
Re: GIS
I'd hesitate to say insurers are slower to adopt technology. Sometimes they are more cautious, yes, and sometimes regulations need to be looked at before a new technology can be used. But, in many ways, insurance companies are doing some very interesting things with technology (telematics, mobile claims, for example).
Ravi Koka
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Ravi Koka,
User Rank: Apprentice
9/24/2014 | 2:42:40 PM
Re: GIS
Vinod,

I agree that location and analytics could improve underwriting and claims decisions. GIS technology has been available for many years but I think with cheap storage and powerful analytical tools it has become more economical for insurers to leverage the technology. The big issue I see is bringing about change in the industry as technology adoption has been slower in insurance than in some of the other industries

Ravi Koka
VinodKachroo
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VinodKachroo,
User Rank: Apprentice
9/19/2014 | 1:14:56 PM
Re: GIS
Thanks Nate. We are working on both underwriting and claims use cases on GIS. Just returned from the London Geo Insurance Europe event where I spoke of how in the Digital era when you combine the value of Big data and Analytics around enabling location based risk analysis with next generation automated underwriting workstation and then leverage the visualization capabilities from a GIS solution, the power is increased exponentially. We also in turn enable the model where underwriters are spending time in risk evaluation, risk management and risk pricing rather than data gathering. I invite and look for others comments.
Nathan Golia
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Nathan Golia,
User Rank: Author
9/18/2014 | 4:34:58 PM
GIS
Thanks Vinod. GIS is really interesting technology for claims. At a recent event Amica demonstrated its solution and there was an audible gasp from the audience at a before-and-after picture.


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