Reason #1: Better manage your exposure to risk
Improve your accuracy when assessing risk through ESRI (UK)’s detailed, coordinates-based, Insurance Platform
Postcodes: exposing insurers to multiple risks
How much does a postcode really tell you about the location of what you are insuring? The answer: very little.
It’s not unusual for 15 or even 20 properties to share the same post code over quite a large area, and with this diversity comes varying degrees of exposure to risk. For instance, it may be that certain houses on a particular street are at a high risk of flood. But does that mean that house number 1 is at the same risk of flood as number 20?
The truth is that the postal system in the UK was designed with no bearing on the appearance of flood plains, hazardous sites and other geographical features that affect how a property is insured. And this means that insurers miss out on opportunities for more competitive pricing. Worse still, they expose themselves to levels of accumulated risk that premiums don’t justify – particularly where multiple businesses in the same building have entirely different codes.
ESRI (UK): giving insurers positional accuracy
Every single one of these situations can be avoided with ESRI (UK)’s Insurance Platform. Through accurate, coordinates-based location data layered with other maps of risk information – such as flood locations, crime statistics and subsidence data – insurers can begin to build more accurate profiles of acceptable and unacceptable risks.
Moreover, the positional exactness of the data enables claims teams to detect fraudulent claims quickly and easily, thereby improving its use of resources. And through ESRI (UK)’s highly visual risk mapping software, insurers can view their policy distribution and accumulated exposure to mitigate risk and manage their risk profile.
