In an era where data is at the heart of decision-making, the property insurance industry is no exception. Assessing risk, underwriting policies, and even mitigating adjacent property risks all lean heavily on accurate and contextually relevant geospatial data. In this article, we delve into how Geolancer's (Quadrant's POI-as-a-Service) accurate, up-to-date, and customizable datasets are revolutionizing property insurance at every turn – using real-world examples from multiple successful projects.
How ground-truth POI datasets enhance underwriting
In the ever-evolving world of property insurance, high-quality location information is indispensable. A leading multinational firm grappling with outdated datasets recognized glaring gaps in their POI datasets. They lacked contextual metadata that was vital for determining risk, from the closeness to amenities like schools and hospitals to proximity to flood-prone waterbodies.
Determined to plug these gaps, the firm partnered with Quadrant. Through Geolancer's bespoke data collection capabilities, they didn't just gather data – they meticulously collected and verified POI attributes at the neighborhood level for all the properties within their portfolio. This empowered the firm to recalibrate renewal pricing adeptly and elevate their underwriting decisions. Efficiency wasn't just improved; it was redefined, resulting in bespoke policies crafted to mirror genuine risks. Customers, in turn, benefited from competitively priced policies. This partnership showcases the pivotal role of reliable and customizable POI data in modern property insurance.
The photos above were taken during a custom POI collection project for a leading insurer. Geolancer's POI datasets come complete with pictures adding much-needed visual context without the client having to deploy their personnel in the field or hire costly managed services
POI Data: The Game-Changer in Tackling Insurance Fraud
Fraudulent claims are a pressing challenge in property insurance. With policyholders sometimes inflating asset values, insurers risk significant losses. To mitigate this, a top-tier insurance provider partnered with Quadrant to build an extensive property database with detailed information such as types of businesses, operating hours, and machinery locations within properties. This up-to-date, ground-truth data became the insurer's secret weapon in authenticating claims.
But how does this help? The insurer integrated this comprehensive POI data into their fraud detection systems, which use machine learning to spot potential fraud patterns. Think of it like a super-smart security guard, always on the lookout for anything suspicious.
The outcome? The insurance company can now confidently verify claims, weed out the dubious ones, and take necessary actions, from deep investigations to declining questionable claims. Plus, such invaluable data aids in smarter policy decisions.
With Quadrant's POI data, insurers are better equipped to combat fraud, safeguarding their interests and ensuring genuine policyholders get their due.
Enhancing Risk Assessment with POI Data on Adjacent Properties
Property insurance isn't just about the insured property; adjacent landscapes play a pivotal role too. A forward-thinking insurer realized this, wanting to delve deeper into the surroundings of their policyholders' properties. They collaborated with us to capture intricate details of adjacent properties, like operating businesses, machinery in use, and visible equipment from public areas to achieve this.
Such detailed data on surrounding Points-of-Interest provides insight into potential neighboring risks. Imagine a claim arising from damage by heavy machinery from next door. With Geolancer's data, the insurer can swiftly confirm if the neighboring business operates such machinery, streamlining claim verification.
Furthermore, identifying potential risks like a neighboring heavy machinery operator not only aids in accurate policy pricing but also empowers the insurer to suggest preventive measures or adjust premiums for those in riskier locales. With this strategy, insurers are better equipped to manage risks proactively, solidifying the transformative role of Point-of-Interest data.
The utilization of ground-truth POI data is undeniably redefining the property insurance sector. By enabling a 360-degree view of properties and their adjacent landscapes, insurers are better equipped to craft tailored policies, detect fraud, and manage risks effectively. As the insurance industry continues to evolve, embracing such innovative tools will determine its trajectory, ensuring that insurers stay competitive and deliver unmatched value to their policyholders.
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