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Using GIS Data and Tools for Better Insurance Underwriting

July 30, 2012

A Geographic Information System (GIS) is used to aggregate, analyze, and store many kinds of geographical data. More and more, it is being used to address the specific needs of the insurance industry. Using geographical data to analyze the site and situation of a property is an intrinsic part of risk modeling and can give you the knowledge to provide the right coverage and best value to your customers. However, accurate risk assessment is dependent on having access to reliable, up-to-date information on the specific location of your risk.

Building construction, severe weather exposures, vegetation density, demographics, proximity to fire stations, and natural disaster risks are just some of the exposures that can have a major impact on losses and vary widely from one location to the next. For example, the variation of only 100 feet in elevation can make a significant difference in a building’s vulnerability to a tsunami or lahar.

To accurately evaluate your risk, you need to create a comprehensive profile of the building you’re insuring at its specific location, not just based off of general data on the area. Our GIS and applications can provide you with easily accessible, reliable information to create such a profile. Are you taking advantage of all of the information currently available to you through GIS mapping? Are your competitors?

To learn more about how WSRB‘s PropertyEDGE™ software uses GIS technology and how it can help inform your underwriting decisions call or email Tracy Skinner at 206.273.7146.

Leave us a comment and let us know how you’re using GIS technology. 

Article by: April LaRita Green

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