Global insurer manages exposure to risk more effectively
/Mitsui Sumitomo Insurance Underwriting at Lloyd’s Limited (MSIG) has used GIS to create a dynamic online atlas of hundreds of potential hazards that could impact insured properties and businesses around the world. The solution gives the company’s underwriters clear insight into the locations of possible disasters, enabling them to manage exposure to risk more effectively and plan for the future with added confidence.
As a trusted firm of insurance underwriters, MSIG has to know exactly what is going on – and what might happen next – all around the globe. To create this insight, it has used Esri’s ArcGIS Online platform to build an interactive atlas of the world that presents historical hazard information and predicted catastrophe models, alongside the locations of insured properties and businesses. Named RiskAtlas, the solution makes it easy for employees to see exactly where threats exist and, crucially, assess the business’s accumulated exposure to these risks.
Specialist teams use RiskAtlas to help them make more confident decisions about whether to accept a new insurance policy, and at what price, based on a far more accurate understanding of actual and likely hazards at specific locations, ranging from tornados and wildfires to terrorist activities. The online solution gives the underwriters a selection of analytical tools, so they can assess distances from at-risk locations (such as airports) and test a variety of complex scenarios to make well-informed judgments. Underwriters also work more efficiently now, because all the information they need is displayed graphically on a single system, rather than in multiple separate static files.
Growing in use all the time, RiskAtlas has created a valuable new information platform to support communication and future planning within the business. By displaying information in a clear and visual format, the system reveals new perspectives on changing risk scenarios and makes it easy for different people to act on the same information and plan ahead. MSIG is now beginning to use RiskAtlas in meetings with corporate clients too, to show how certain hazards relate to actual business premises. This move is expected to help the business to communicate more openly and create even stronger customer relationships.
“Effective underwriting is increasingly reliant on accurate risk data. RiskAtlas, and
our exposure analytics team, provide our underwriters with the tools necessary to
support confident business growth in an increasingly competitive market.”
To find out more about the use of spatial analysis and GIS in insurance, please visit esriuk.com/insurance.