Insurance sector gains new powers to forecast perils risks

LexisNexis-Map-Viewl-launched

From the increasing risk of flash floods to windstorms, LexisNexis® Map View shows and tells

As late summer brings the threat of flash floods , LexisNexis®, Map View, the geospatial data visualisation tool can now offer insurance providers even greater visibility into environmental and perils risks across the whole of their book to help price more accurately, plan resources for extreme weather events and manage claims. 

Map View currently offers over 40 risk datasets - from crime to subsidence, from fire to flood. Brokers, MGAs and Insurers can use Map View to understand perils risks right down to the precision of the building outline, typically seeing a 50% reduction in flood exposure and 8% improvement in new business targeting. 

The update to the Map View user interface brings additional tools for insurance providers to assess and filter both policy and perils data.  This may reduce the amount of data presented, ensuring the quotes or policies with the highest level of risk stand out. 

Insurance providers can also now import files such as storm tracts, or create new zones for the identification and analysis of on-cover policies.  Added to this, a range of additional capacity management tools will help insurance providers target areas where they can sell more business in large cities and automatically identify where they have areas of high concentrations of Sums Insured. 

Technology is helping the property insurance industry to assess data and events in much faster time frames.  In the past it might take days or weeks to assess the exposure to a climate event, today, Map View using real-time flood warning data, can quickly calculate the levels of exposure and export customer lists to help with mitigating damage from the upcoming event.

Jonathan Guard, Director, Commercial Insurance, UK & Ireland, LexisNexis Risk Solutions said: “The  property insurance market is facing pricing pressures that demand a deeper understanding of risk as climate change and severe weather events continue to have a significant impact on their loss ratios and how they manage their portfolio.  Map View can offer a direct response to these challenges, helping the market to tackle these environmental-related threats. 

“Map View allows insurance providers to understand location and property risks at a highly granular level, helping insurance providers price with pinpoint accuracy, manage their portfolio and take immediate action to limit their exposures based on real-time data.”

Authored by LexisNexis

If you would like to talk to LexisNexis about their Map View proposition CLICK HERE, leave a message and youTalk-insurance will pass your enquiry on   

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