Teradata, a provider of enterprise analytic technologies and services, has partnered with CoreLogic, to deliver insurance companies with intelligent geospatial solutions.
According to the Teradata, the geospatial solutions will bring together the key business components necessary for underwriting processing, risk management, marketing and distribution management for optimal decision making.
Teradata has said that the new solution for insurers comes bundled with a combination of advanced geospatial natural hazard analytics data from CoreLogic delivered on a Teradata Data Warehouse Appliance platform, which is optimized to house and analyze business data, historical policy data and other key components within the data warehouse.
By combining historical and current customer data with risk data from CoreLogic, insurers will have more intelligence to help them better determine coverage at the right price.
Teradata has added that the solution provides insurers an effective way to accurately assess risk and price policies by integrating precise geocoding capabilities and geospatial data with business intelligence and analytic infrastructure.
Consolidating disparate spatial analytical environments into an integrated enterprise environment means insurers can benefit from reduced cost, accelerated business processes and enhanced business analytics.
Teradata Corporation vice president, financial services Rick Morton said, by implementing enterprise-wide solutions from Teradata and CoreLogic, organizations can better support key business decisions and may thus gain a competitive advantage.
CoreLogic Spatial Solutions vice president Scott Little said, the company’s accurate parcel-based geocoding technologies and multi-hazard analytics, combined with Teradata technologies, can provide a game-changing strategy for pricing premiums accurately by assessing, classifying and valuing policies correctly.