How Insurers are Using Spatial Technology to Automate Processes & Improve Efficiency
Automation can seem like a radical shift in the traditionally cautious insurance industry, but it’s taking root as more insurance companies experience the transformative effects of automation. Benefits include improved accuracy, efficiency, and the ability for employees to devote more time contributing to higher value business objectives.
Automation Optimizes Your Risk Analysis Process
The core of your company’s risk selection and pricing models are dependant on the models developed by your actuarial / risk group. Your data scientists will evaluate hundreds of variables to determine risk and rate properties. Once this process is defined, a spatial technology platform can be leveraged to automate inputs for calculation so that you can effectively assess and price risk faster.
For example, you can automate the process of gathering customer information alongside spatial data, and set ratings according to your company’s defined rules. Using this automated workflow, your spatial technology platform will geocode addresses in real time providing high precision coordinates, automatically cross-reference this data with the appropriate risk factors within your risk assessment models and pricing engine, automating risk selection and pricing. Decision making becomes faster, more efficient, and accurate because the process works off of high precision location data, provided in real time.
What about Legacy Systems?
Legacy data tends to be static and runs the risk of being out of date. Integration with your legacy system may seem like a challenge, but spatial technology easily integrates with the technologies and process flow your company is already using.
Spatial technology platforms like DMTI’s Location Hub easily and securely fits into your company’s front end, providing simple, yet powerful injection points so that you don’t have to change your process or impact other stakeholders. You are combining multiple sources of data to improve the accuracy of your company’s risk assessment. Data is updated in real time for consistently accurate and complete national data sets. You’ll be able to aggregate internal data with your spatial technology platform to empower decision-making, expedite your underwriting process, mitigate fraud and reduce operational costs. Workflows don’t have to change. They just get stronger and more efficient
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