Company: GDC Ltd
Jul 23, 2003
London, UK–GDC, a leading supplier of Geographically Intelligent Solutions have announced the Location Based Risk Evaluation (LBRE) Toolbox, a definitive set of software tools for the insurance industry to increase the accuracy of locating risk.
September 2003 will herald a huge increase in the level of risk location detail demanded by reinsurers as the market starts its annual round of treaty renewal negotiations. The price of reinsurance protection will be dramatically affected as reinsurers start to provide preferential terms to those companies who can deliver precise location analysis for their portfolios of risk.
Ultimately, those insurers benefiting from such improvements will pass on their savings to policyholders and in return enjoy increased market share.
�Geographical underwriting is an important new tool, which can be used to better assess premium requirements and the risk of losses in non-life and accident insurance.� Getting to the �point� � Does geographical underwriting improve risk management? � Munich Re �Topics� Annual Review of Natural Catastrophes 2002
Regulatory issues and compliance requirements proposed by Sarbanes-Oxley in USA and being implemented by the FSA in UK place a firm responsibility on insurance executives responsible for managing the acceptance and analysis of a risk portfolio. Failure to utilise resources available to identify exact location of risks will result in unacceptable consequences for everyone involved.
GDC has taken state of the art Geocoding and GIS technology and developed a user-friendly set of applications that inform responses to underwriting issues at the touch of a button. The LBRE Tool box has been developed in response to real experience within the insurance industry, by a team comprised of insurance professionals and GIS developers.
The key features of the LBRE Toolbox are:
- Geocoding & Zoning Results returned to the point of entry in seconds.
- Mapping, visualisation and analysis
- Address cleaning and validation
- Truly Global Coverage
- Low cost of deployment through scalable web-based solutions
- Easy to integrate with existing underwriting systems
The LBRE Toolbox is one of the best tools available for insurers. Some of the benefits that differentiate it from other systems include:
- Address Cleaning for over 200 Countries
- Town Level Geocoding for every county in the world
- Street & interpolated building level geocoding for the USA, Canada, Australia and 19 European countries
The configuration options for the LBRE Toolbox mean that it can be deployed in several ways: as a desktop PC system, through integration into existing Management Information Systems or as a Web Service via the internet. The advantage of the Web Service is that it provides global accessibility to the LBRE tool box features � location data can be collected, collated and delivered to & from every underwriters desktop in seconds, without the need for the investment in multiple software licenses.
The LBRE tool box has many proven benefits which include:
- Seven figure reductions in catastrophe reinsurance premiums
- Protection of balance sheet from shock loss
- Increased profitability through the ability to target low risk clients
- Dramatic improvements in underwriting control
- Addressing of regulatory & compliance requirements
Full details of the LBRE Toolbox are available at GDC�s web site www.graphdata.co.uk Also available on the site is a downloadable demonstration to test the geocoding and zoning functionality across the internet from your own desktop.
About GDC
GDC creates Geographically Intelligent Solutions to inform clients� business decisions by answering the question �Where?� GDC are a MapInfo Premier Partner focussing primarily on Geographic e-Government for Local Authorities and Location Based Risk Evaluation within the Insurance industry. www.graphdata.co.uk
Contact
Mike Bartlett
Head of Insurance Practice
020 7246 1422
[email protected]
