The power of maps in BI for Insurance Risk
Posted by Dave Kerr on Thu, May 12, 2011
There are few industries more dependent on environmental risk, and location in general, than the insurance industry.
Insurance factoids:
- Policies are issued to clients that live at/work in specific locations.
- Those locations directly impact the risk involved in insurance underwriting. Is the traffic insanely heavy, and prone to accidents? Is there high risk of damaging storms? What about earthquakes? Crime statistics?
- Demographics, which also vary widely by region, provide critical input to insurance companies, from targeted sales and marketing to the calculation of actuarial tables.
So for insurance organizations using IBM Cognos BI to manage performance, the combination of maps and spatial data with business intelligence data is a natural thing to want.
Enter SpotOn Systems, and Vantage Maps. By combining powerful Esri maps and GIS data with in-place IBM Cognos BI data assets, it's not only possible but in fact easy for insurers to analyze and understand risk visually. Every key attribute and measure, like policies, agents, customers, revenue, expenditures, sales, marketing campaigns, and more, can all be analyzed visually on a map, accompanied by whatever complementary BI tables and charts tell the full story.
In this brief demonstration, you'll see how eliminating the data silos between BI and GIS for insurance adds incredible value, and a creates whole new ways to analyze risk, visually.
Stay tuned. More of these demonstrations are coming. Next up: Geospatial BI for the Oil and Gas industry.
- dk