Mapping Geo-Risk for Insurance Industry
Updated: Jul 1, 2021
In my recent posts, I have covered how mapping is useful for Businesses - for Supply Chain Management & Location Selection purposes in particular. The overarching theme being how decision makers can fine-tune their organization's operations by availing the benefits of 'Location Intelligence'.
In this post, I intend to demonstrate how organizations can identify, manage and monitor the risks affecting their organization through mapping technology. Without delving into the theory of Risk Management, let me explain the context of the 2 minute case video below -
A fictitious insurance company based in US 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 the US. Since hurricanes pose enormous damage risk to property, it would be advantageous for the company to minimize the risk of payout to policy holders arising out of the damage caused (claims). See how mapping helps in this situation -
Prepared using Esri's Location Advantage data-set
A general misconception about mapping technology is that it can be useful when dealing with risks which can be averted using earth observation data only. This is far from the truth - see this video on how Bengaluru Smart City uses mapping technology (the same which Mapmyops uses) to segregate Coronavirus containment centres in Bengaluru city thereby reducing the health risk of the residents.
Isn't this useful?
The key is that map based technology can query virtually any kind of data-set(s) and generate meaningful insights. Businesses can track their assets, Police can monitor crime patterns, and multinational companies can assess risk arising out of political uncertainties. Location Intelligence is valuable in so many ways, even to your organization, if you think about it.
Intelloc Mapping Services | Mapmyops.com is engaged in selling products which capture geo-data (Drones), process geo-data (Geographic Information System) as well as services (PoI Datasets & Satellite Imagery). Together, these help organizations to benefit from Geo-Intelligence for purposes such as operations improvement, project management and digital enabled growth.
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