Locational Data: The Eyes of the World for P&C Carriers

Carriers need to make decisions across their value chains with greater specificity, and locational data can help: Aite Group report

Boston, MA (Feb. 26, 2020) – Carriers are always searching for the silver bullet that will allow them to underwrite policies with more confidence, adjudicate claims without having to pay out one cent more than necessary, and prevent claims from ever having to be paid out. Locational data enables carriers to underwrite with more confidence, understand exactly what was damaged and where any forces that caused damage occurred, and identify locations where they’ve underwritten policies for assets that could be in danger. While it’s not that silver bullet, it comes close.

A new Aite Group report, Locational Data: The Eyes of the World for P&C Carriers, examines the types of locational data solutions that are available to address operational challenges carriers may face.

“Gathering locational data requires a technology that is scalable, quick, and relatively inexpensive compared to the alternative, such as receiving bad information through self-reported channels or deploying resources that could not possibly cover all the ground that would need to be covered,” explains Jay Sarzen, senior analyst at Aite Group.

Click here for the online summary or to download the table of contents.

This report is intended for insurance executives interested in getting a better sense of what locational data can offer and a deeper understanding of what types of locational data solutions are available. Based on 25 interviews conducted with executives at P&C insurance carriers and locational data-oriented vendors in North America between June 2019 and January 2020, it profiles Betterview, Cape Analytics, Cognizant, CoreLogic, Delos, Digital Globe, DRN, EarthDefine, Environics Analytics, Geospatial Insight, HazardHub, Hover, Insurity, LexisNexis Risk Solutions, LightBox, Loveland Innovations, Syncsort, Tableau, Tnedicca, Truepic, and Verisk.

This 57-page Impact Report contains one figure and seven tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

Click here for the online summary or to download the table of contents.

This report mentions Cincinnati, The Hartford, Menlo Venture, and State Farm.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.

Source: Aite Group