In October 2021, Gamma Location Intelligence was invited by the MGAA to present on “Utilising Location Intelligence to future proof MGAs” for members to consume as part of their continuous professional development programme.
Gamma colleagues Richard Garry (CCO) and Peter Finch (CTO) delivered an overview session that covered the simplicity with which geospatial solutions can be implemented to drive efficiencies in decision-making and reporting within MGAs.
Taking advantage of enterprise level solutions to better enable those with growth objectives.
Five learning objectives were outlined, the content of which is summarised below:
1. Learn how Gamma’s geospatial solutions and location intelligence can provide greater insights for MGA’s.
With 20-years of experience in supporting insurance clients with their data and reporting challenges, Gamma is well positioned to aid MGAs with their growth objectives in a constantly changing market.
Flexibility, agility, and a can-do attitude is baked-in to how Gamma supports and delivers against client specific needs.
Gamma offers enterprise level capability via SaaS-based solutions aligned to your usage needs and demands.
The Perilfinder platform enables the user to access the right data at the right time, to make informed decisions related to the attributed risk. At property-level.
Easy to work with and integrate – even within legacy solution stacks/environments.
Gamma’s support is second to none.
Gamma takes the strain away from the client when it comes to managing data that delivers insight in relation to property risk. Perilfinder integrates data from multiple risk sources and “plugs any data gaps” using machine learning, AI and in-house data science to deliver high-quality data insights at the property level.
All within 3-clicks and before you’ve been able to think of what your name is…!
Image 1: Perilfinder – property level risk in context (summary)
From a strategic business intelligence perspective, Perilfinder can also incorporate flood, ground movement and weather-related change models.
The impact – be it short or long term – of these changes on an insurer’s existing or potential book of business is something that is becoming increasingly important from a business planning perspective, as well as a regulatory reporting and sustainability perspective.
Assessing the impact over time and the changing cost or exposure of a book of business are aspects that are key in an evolving regulatory landscape.
2. Learn how customising Gamma’s Perilfinder geo underwriting solution can lead to better underwriting decisions.
For something that is deemed complex by many providers – for Gamma customisation is a central tenet of the tool.
Why…? Because this is key to its flexibility and in shortening the clients’ “time to value” when investing in such a solution.
No code configuration of the Perilfinder solution means that customisations can be managed by Gamma or the user organisation. And those customisations are from top to bottom depending on the set up of your business.
Customise by lines of business.
Customise by books of data.
Customise by risk rules.
Customise by accumulations reporting models.
Customise by regulatory imperative.
Why has Gamma taken this approach…?
It’s all to do with enabling the solution to align to your business process WITHOUT the hidden costs associated with many software development solutions.
3. Overview of the benefits of cloud-based technology to provide rapid data processing and speed up decision making.
Delivered as a cloud native solution further drives down the cost of investing, but significantly levels the playing field in terms of delivering computing capability at the type of performance that big brands take for granted.
Serverless technology drives down cost and increases efficiency in delivering results and performance.
Open-source technology enables MGAs to access high quality software, with no vendor lock-in.
Better security and standards enable us to ensure your data is always encrypted.
Image 2: Cloud native and serverless – reduced processing overhead means improved performance. Everywhere.
And in a world that desires “convenience without the cost” it can be accessed from any location – without any performance overhead irrespective of where the user is – in the office, at home, or off-site (in the field).
4. Illustrating the value of building-level data to ensure data quality.
There are two aspects to building level data that users need to have an appreciation of.
The first – and perhaps most important – is Geocoding.
Not the most exciting element, but it’s foundational – and we all know you don’t build anything without the proper foundations.
Geocoding is the ability to take an address and identify the property and building (footprint) that it relates to. The granularity of building level geocoding allows the user to make more marginal and better-informed decisions.
Images 3 & 4: Same postcode, but different risk profiles – How comfortable are you insuring 3 Averay Road in comparison to 39 Averay Road…?
The example above illustrates two properties in the same postcode, but with very different flood risk profiles.
The potential is that what may have been a clear decision based on a postcode check previously, now becomes a marginal decision where the risk is in fact negligible. Thus, enabling a more profitable decision for your business.
The second aspect relating to building level data is the use of Property Prefill.
Many businesses are challenged by the need to capture consistent details from a prospective customer before a sale can be made. It can be a barrier to completing the purchase by the customer/prospect. So, one approach is using 3rd-party prefill solutions.
Prefill is valuable when it comes to reducing bounce rates – enabling the customer to simply review and validate the data. This saves time and therefore increases the likelihood that the customer will convert.
The circle is virtuous – if bounce rates go down; then conversions, quotes and sales should all go up.
Image 5: Property level data – the cornerstone for business improvement…?
As a data specialist, Gamma understands that availability of high-quality data is key to our clients – confidence scores are applied to the data to give assurance that its fit for purpose (or can be viewed in context) and where there are gaps or only poor-quality data available Gamma use ML and AI to improve the quality of the information that is delivered.
5. Provide an understanding of how investment in R&D has provided Gamma with the platform to develop valuable solutions for our clients related to climate change, property data and map visualisation.
Gamma’s commitment to R&D is a significant part of the business philosophy – enabling solutions to come to market quickly, especially within those markets that are dynamic and subject to change.
Pre-empting client requirements not only ensures Gamma is aligned to how the market evolves but enables customers to maintain a competitive edge.
Yet wrapped in a commitment to deliver world-class support, alongside solution customisation and agility.
Supplemental to Gamma’s R&D commitment is its broad, cross-sector experience – taking learnings from one sector, which can permeate into solutions that we deliver to other sectors.
For example, the use of mobile trace data (within our retail and outdoor advertising clients) and data collection applications (used across many clients; from local authorities to field-based operatives, to telecoms and call centre clients). Each of these has potential use case benefits that could be leveraged by our insurance-oriented clients today.
And will – in all likelihood – cross-fertilise and evolve the solutions that will be delivered to insurance and MGA clients in the future.
The insurance sector faces many challenges regarding environmental risk and addressing the “E” challenges of ESG requirements. In practice, this includes accessing property-level risk data at the right time, so that underwriters can make informed decisions quickly.
During this session, Feargal O’Neill and Richard Garry from Gamma Location Intelligence will look at how current location intelligent risk platforms speed up the decision-making process for underwriters and increase profitability. They will also talk about the need to extend property peril intelligence for climate change assessment and then discuss data and solutions that help insurers and MGAs understand and reduce climate change risk exposure.
Gamma will be joined by speakers from partners Sust Global and First Derivative, who will talk about the assessment of climate risks related to global assets and cover the regulatory requirements in the insurance industry.
By the end of the event, delegates will be able to:
@ 2022 Gamma.ie by Jason Day
About Gamma Location Intelligence
Gamma is a Location Intelligence (LI) solutions provider that integrates software, data and services to help our clients reduce risk through location intelligence. Established in Dublin, Ireland in 1993, and with offices in Manchester, UK and Bilbao Spain, the company has expanded to become a global provider of cloud-native location intelligent systems and services. Gamma’s Perilfinder™ risk mapping platform provides property underwriters with access to trusted property-level risk data easily, quickly and accurately.
Time to value: Whilst each client will have their own requirements, out-of-the-box implementation of Perilfinder is as simple as Gamma begin provided with the users’ details (email address). Anything more complex typically takes anywhere between a day and 2 weeks.
We don’t believe in making things difficult.