GIS and Analytics Capabilities for the Future of Insurance Risk Management.
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.
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.
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.
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.
GIS maps and spatial analysis give natural gas utilities the power to make data-driven decisions. Use of most current data to ensure that infrastructure is in the right place, safe and in compliance. Through GIS mapping clearly see the condition of assets and demand to keep gas flowing efficiently.
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 email.
Subscribe to receive latest updates, newsletter and offers from us.