Insurer factoring Risk to Property from Tropical Storms using GIS
Updated: May 21
In my recent posts, I have covered how deploying mapping solutions could be useful to organizations - for Supply Chain Management & Location Selection purposes in particular. In this post, I intend to demonstrate how Property Insurance companies can identify, manage & monitor the 'Environmental risk' affecting their portfolio using mapping technology. Without delving into the theory of Risk Management, let me explain the context of the 2-minute case video below -
An Insurer based in USA wishes to manage its Property Insurance liability in the state of Florida. Just as West Bengal & Orissa are prone to cyclonic storms in India, Florida is much exposed to hurricane activity in USA. Since hurricanes routinely inflict damage to property, it would be advantageous for the insurer to minimize the risk of payout to policy holders arising out of resulting damage claims by tweaking its insurance rates based on the risk-probability as determined by the risk scores.
See how mapping technology (GIS) helps with this workflow :
Case Video: Assessing Property Risk from Hurricanes & resulting Flooding using GIS technology. Prepared using dataset and tutorial sourced from Esri's Location Advantage training
One misconception about Mapping Technology is that it can be useful only when the problem statement entails the use of earth observation data. This is far from the truth - see the video below which elaborates how Bengaluru Smart City uses Location Intelligence to segregate Coronavirus containment centres in the city, thereby reducing the health risk for its residents:
Isn't this useful?
Geographic Information System (Advanced Mapping Technology Platform) can manage, query & visualize datasets on a map to generate meaningful insights. Businesses can track their assets, Law enforcement agencies can monitor crime, and Institutions can assess risk arising out of political uncertainties. Location Intelligence is invaluable in so many ways, even to your organization, if you were to think about it.
ABOUT US
Intelloc Mapping Services | Mapmyops is engaged in providing mapping solutions to organizations which facilitate operations improvement, planning & monitoring workflows. These include but are not limited to Supply Chain Consulting, Drone Services, Location Analytics & Applications, Site Characterization, Satellite Imagery Analytics & Polluted Water Remediation. Projects can be conducted pan-India and overseas.
Several other mapping and operations workflows are documented on this Geo-blog. Reach out to us via email - projects@mapmyops.com or book a paid consultation (video meeting) from the link placed at the footer of this site's landing page.
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