Location Intelligence Solutions for Insurance: A Solution Spectrum

by Catherine Stagg-Macey, October 3, 2011
Product Trends/ Reviews
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

When faced with large-scale events such as Hurricane Irene or Windstorm Klaus, it’s imperative to know the accumulated risk exposure that an insurer has in an affected area, from both a customer service perspective and a good business management angle.

In a new report, Location Intelligence Solutions for Insurance: A Solution Spectrum, Celent provides an overview of the components in a GIS capability map and profiles seven vendors that sell core location intelligence solutions. Vendors have been included only if they have at least one client in insurance.

Vendors Profiled

Company

Headquarters

BRandPGroup AG

Munchen, Germany

Cadcorp

Stevenage, United Kingdom

ESRI

Redlands, United States

Mapflow

Dublin, Ireland

NIIT

New Dehli, India

Pitney Bowes Insight

Stamford, United States

Sword Insurance

London, United Kingdom

Location intelligence or GIS solutions can support the insurer at various parts of the insurance process. The solution can support the allocation of adjusters or field staff post large-scale event. Alternatitvely, the soluton provides support in the underwriting process. Depending on the appetite for new risk given the aggregate risk for the area, the underwriter can then decide to proceed or not. Making this decision without the support of spatial data would be nigh on impossible.

“Several large insurers have already made some investment in this area of location intelligence,” says Catherine Stagg-Macey, Senior Vice President with Celent’s Insurance Group and author of the report. “We expect to see them extending this solution into new areas of the business process.”

She goes on to note that the GIS vendor offerings for the insurance sector continue to improve, and with some vendors offering Saas delivery models, insurers new to this space will be able to test and trial the benefits without significant capital investment.

This 36-page report contains 2 figures and 22 tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

The Software Market for Location Tools

5

BRandP Group AG: SPACE Risk

7

Computer Aided Development Corporation: Cadcorp SIS

10

ESRI: Esri Insurance Platform

13

Mapflow: GEO

16

NIIT Insurance Technologies Ltd: Exact Advantage

19

Pitney Bowes Business Insight: Insurance Underwriting Platform

22

Sword Insurance: Open Xposure

25

Nonfunctional Factors

28

Conclusion

30

Leveraging Celent’s Expertise

32

Related Celent Research

33

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