Case Study

Data use across the insurance industry

02 November 2014

Ascertaining the hazard risk of properties is both important and useful information, especially for financial institutions, and in light of the Canterbury earthquakes. Through our detailed property database and related hazard information we are able to supply a major New Zealand insurance company with this data, enabling more due diligence when underwriting and pricing policy cover.

By supplying information around earthquakes and liquefaction, tsunamis, flooding and landslides insurance companies are able to both assess and mitigate the risk at an individual property and suburb level. They are able to immediately see risk flag indicators around attributes such as leaky homes, enabling the insurer to make sure they are pricing risk accurately and the customer also has the correct level of cover in place.

In doing all of this they are also able to satisfy reinsurers that they are assessing their own exposure successfully, ultimately reducing reinsurance premiums.

By providing insurance companies with detailed property information, including attribute details, front line staff are able to make the customer experience more streamlined and efficient and provide accurate, risk based pricing to customers. With less talk time and questioning with each customer, interaction becomes more customer focused and less of a time consuming process for all involved.

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