Instech London, a leading trade organisation dedicated to promoting the latest developments in technology for the insurance sector, has recently produced a comprehensive report on location intelligence (LI).
Location Intelligence 2020 – the Companies to Watch: Where, what and how risky? report should be of interest to anyone involved in understanding how the location of a property, its features and its surrounding environment can influence the price of insurance.
The report provides a great historical context for where location intelligence and insurance have come from and how the insurance sector has used LI in the past to inform decisions, especially in relation to flooding.
The report goes on to explain what is available now and what the future might hold—exploring topics such as the greater availability of building-level data, benefits of more frequent updates, open data, data flow and how to access data from new sources in the future.
Climate Change is also discussed, and it is interesting to see the advances being made in this area from some of our partners, such as JBA Risk Management, Ambiental Risk Analytics and Terrafirma. With the prospect of more regulatory pressure to factor climate change into reporting and pricing, it will be interesting to see how this area grows over the coming years.
The report includes an extensive list of established and up & coming technology companies and data providers, what they do and how they work.
There is also a great section on who is using LI and why. This includes insurers, reinsurance companies and lenders.
It is great to be part of such an invigorating and exciting sector, and I am really looking forward to seeing what the future holds.
@ 2021 Gamma.ie by Richard Garry
@ 2021 Gamma.ie by Monika Ghita
About Gamma Location Intelligence
Gamma Location Intelligence is a global provider of cloud-hosted, spatial and geographic information systems. We integrate software, data and services to help our clients, which include insurance companies, to reduce their risk by providing location intelligence solutions. The company’s headquarters are in Dublin, but we have offices in Manchester in the UK and Bilbao in Spain. Perilfinder™ v.4.0, Gamma’s risk mapping platform, is a leading-edge property-level underwriting solution used by P&C insurers to assess environmental risks. The platform incorporates rooftop-level geocoding, map visualisations, risk and accumulation scoring and spatial peril models, including flood, subsidence, fire, and crime.