Insurance is one of the most trending and turbulent sectors of modern times and believe it or not they use GIS technologies as one of the industry saviours. GIS technology helps Insurance companies to map regions or even small parts of a terrain to figure out the risk factor associated with the place, this helps in deciding the premium amount an user should be charged.
GIS helps Insurance sector in the following way:
RISK ASSESSMENT:
Insurance companies divide a terrain into pieces to rate as risk prone or risk free with the history of disasters occurred in the place. Risk assessment helps finding a better premium for a user.
CLAIMS MANAGEMENT:
A map of a location is build on the basis of the claims which were made from the area in the past, this increases risk factor of the area altogether. A final premium of an area is calculated on the basis of both risk assessment and claims management.
INSURANCE FRAUD:
To decrease the amount of premium and increase the amount of claim, users many times falsify the location to get less premium amount, this factor can be mapped in GIS to find out such suspicious behavior in a specific location.
COMPARING BUSINESS MEASURES
Mapping different business locations for the assessment for patterns of losses incurred by the company. With precautions taken from GIS maps better business assessment can be done to decrease risk of future losses.
Along with different GIS services, Polosoft technologies also provide GIS web/mobile application development services for insurance industry.
The insurance industry expects to see more growth with the use of GIS technology. Get in touch with us for more details in our GIS mapping service at info@polosoftech.com.
