Simplifying Risk Management with Accurate Property and Risk Data
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To determine the likelihood of a loss occurring and the potential impact of that loss, insurers must evaluate and analyze the potential risk an individual or organization may face. It can be complex to source risk-specific property information to underwrite and price property insurance, and even more complex to manage exposure at the portfolio level or keep up with changes presented by weather, growing communities in urban areas, and population shifts. During this webinar, you will learn more about: Harnessing hyper-accurate location and property data to accurately price and underwrite risk Risk Data products that every insurer should focus on, from fire to crime. Enabling dynamic and near real-time weather for efficiency Creating data linkages to understand area risk posed by co-tenancy and adjacency
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Simplifying Risk Management with Accurate Property and Risk Data
- 1. Simplifying Risk Management with Accurate Property and Risk Data Carmen Adame | Sr. Product Marketing Manager Chris White | Product Management Director
- 3. Finding a balance between ensuring affordability and availability and managing financial stability is paramount for insurers in this day and age Simplifying Risk Management
- 4. It begins with Data Integrity Data integrity is data with maximum accuracy, consistency, and context for confident business decision-making Data Integrity
- 5. Location intelligence & data enrichment provide context – an essential element of data integrity Simplifying Risk Management
- 6. Hyper Accurate Property Insights with Geo addressing
- 7. What is geo addressing? Address Verification Verify a mailable location Geocoding Identify a physical location Address Autocomplete e Return address suggestion Geo Addressing Simplifying Risk Management
- 8. Simplifying Risk Management Address verification Avoid costly problematic addresses – especially across multiple countries • Verify addresses in real time across more than 250 countries and territories • Automatically recognize data by country, even down to primary house numbers and apartment units • Precisely follows Universal Postal Union standards to verify addresses per delivery requirements according to the specified country Input Address Input Address Input Address Outpu t Outpu t Outpu t Mesilla Valley Mall 88011 700 S Telshor Blvd Las Cruces, NM 88011-4669 1053 Thornton Lake 97321 1053 NW West Thornton Lake Dr Albany, OR 97321-1352 1 100 #1 10025 1 W 100th Street, Frnt 1 New York, NY 10025-4857
- 9. Geocoding Assign location coordinates: make sure the geocodes serve your business needs • Positional accuracy of location coordinates (latitude/longitude) • Metadata • Understand the accuracy of the address match • Powers automated decision-making at scale • Unique and persistent identifier - PreciselyID Answer questions like: • Where is this address? • What is nearby? • What details can we learn about this property? Simplifying Risk Management
- 10. A unique and consistent identifier attached to an address, simplifying data enrichment • Available in every country where Master Location Data (MLD) geo addressing reference data is available Answer questions like: • Is a house in an area of high fire risk? • How can I improve efficiencies in handling claims for an area? • How can we target our advertising to sell insurance products to new and existing policyholders? PreciselyID Simplifying Risk Management
- 11. Address Autocomplete Improve customer experience by helping users autocomplete addresses from partial keystrokes Retrieve list of places text and location Simplifying Risk Management
- 12. Property Graph Streamline data enrichment and build a comprehensive view of properties faster and easier Address POI Prop Atts Building Parcel Boundaries Simplifying Risk Management
- 13. Understand the risk of the property beyond the address • Co-tenancy risk • Adjacency risk • Commercial property risk Simplifying Risk Management
- 14. Risk Data Easy Data Enrichment
- 15. Real-time/batch enrichment speeds time to insights address geocode PreciselyID autocomplete verify Tax Demographics POI’s Property Info Geography Simplifying Risk Management Risk
- 16. Accuracy, consistency, and address-level context for… Risk Data Products • Easy geo enrichment • Accurate policy concentration analysis • Risk determination • Opportunities in high-risk areas Simplifying Risk Management
- 17. Wildfire Risk Assess real-world fire exposure with accuracy and context Over 30 major U.S. and U.K. insurance carriers and multiple U.S. Forest Service and Fire Department jurisdictions trust our Wildfire Risk data to guide underwriting, pricing, and commercial and public land evaluations. Simplifying Risk Management
- 18. The Precisely Approach Simplifying Risk Management Access/Egress Structure distance Probability of ignition Distance to transmission lines Historic perimeters (GEOMAC) FSim burn probability Fireline intensity Crown fire Vegetation cover Wind-aligned roads Ember cast Wind speed Final rating Treatments Open water Distance to Fire Station Bare ground Golf courses Distance to dip/draft water Topographic position Agricultur e Historic loss Insect and disease Severity Community Frequency (Likelihoo d) Mitigation Suppressio n Damage
- 19. Wildfire Risk is Calculated Differently in Urban Areas than it is in Wildland Areas Interface of urban and wildland Wildla nd An Australian study identified that 50% of the ignitions were from embers only, 35% were from embers and radiant heat, while 10% were from radiant heat alone. Interface final rating Ember Cast Structure Distance Wind-aligned roads Topographi c Position Historic Loss Interface Factors Frequency (Likelihoo d)
- 20. Risk Data Products Accuracy, consistency, and risk-specific, address-level context Fire Visualize wildfire risk levels in all 50 states and understand risk factors like Fire Behavior, Probability of Ignition, distance to water sources, and more. Flood Harness powerful data for insights into factors like hurricanes, severe storms, and excessive precipitation that increase the likelihood of surges and floods. Earthquake Nationwide coverage of land-related threats, like earthquakes, landslides, and hazardous soils, to help stakeholders better understand risk exposure, customer insurability, and probable maximum loss. Weather Understand historical weather patterns to plan, and mitigate future events. Get a more comprehensive view of the risk associated with a portfolio. Do More Fire, flood, earthquake, weather, and crime insights not enough? Precisely offers over 400 datasets and 9000 datapoints for property insights! Crime Thoroughly understand how neighborhoods, assets, and investments may be at risk due to crime. Simplifying Risk Management
- 21. “It was clear from the onset that relying only upon in-house generated, proprietary data would severely limit what could be delivered.” Kit Edwards Director of Data Analytics, Keller Williams Simplifying Risk Management
- 22. Simplifying Risk Management Geo addressing and Data products are available to our customers via the Precisely Data Experience (PDX) File format options will be available per the licensing terms of the customer contract
- 23. Try it out for yourself! developer.precisely. com Simplifying Risk Management
- 24. Thank you
Editor's Notes
- Well, We believe that to trust your data, you need DATA INTEGRITY. And we define that as data with maximum accuracy, consistency, and context for confident business decision-making.
- Mailable, deliverable - Confirming the accuracy of postal (per country) information Transforming location information, like an address, into location coordinates & vice versa (Reverse Geo) - PHYSICAL LOCATION & not all Addresses have a physical location Address Autocomplete, [also known as: Typeahead, Interactive, Predict, Autocomplete, Geocomplete] - Performs search to retrieve list of places by input text and location vicinity. Address Autocomplete takes free form text as input. It could be a part of an address. Location could be provided either as latitude/longitude or as country ISO code. It returns consolidated list of addresses based on the input text.
- Addresses are verified per delivery requirements according to the specified country We follow UPU – Universal Postal Union – standards, per country
- Now as I’ve alluded to, addresses are hard to use efficiently and completely in computer systems. Yes they are essential for connecting additional information to. So we provide a way to make this much easier and it sits at the heart of our most advanced services. Whenever we processes an address – whether that be to geocode, verify or autocomplete – we provide a simple unique identifier – called the PreciselyID - that can be used to substitute for that address. And then we index our data products with the PreciselyID so we can do a simple lookup against the ID rather than a complex and expensive in compute terms lookup using the address.
- Geo enrichment Global leader in residential real estate leveraged location intelligence data to create a personalized and accessible home-buyer experience through its custom app. Geo Enrichment: Keller Williams, a global leader in residential real estate transforms into a technology company with its own app KW Home Search Problem: The internet made the already competitive residential real estate market even more so as it gave everyone access to the same search tools. To remain the global market leader, Keller Williams needed a way to give their agents and clients a competitive advantage with consumer-friendly software. Solution: KW Home Search App – direct on-app communication between agents & clients. App sorts and cleanses property listing data sourced from several MLS and compares it to Precisely’s database of property data.
- But don’t just take my word for it, try them out for yourself. Feel free to grab a screen shot or use the QR code to go directly to the page listed. In the pricing section of this Developer Portal, you can sign up for a free 30 day trial.