Insurance broker Willis has implemented Pitney Bowes Business Insight' Spectrum, an enterprise location intelligence solution, for improved international geocoding.
Using Pitney Bowes’ Enterprise Geocoding Module for Spectrum, Willis can translate address information within policy details into latitude and longitude points, which can then be used for in-depth risk analysis.
Pitney Bowes said by increasing the locational accuracy, Willis’ catastrophe models can produce more reliable results, and risk estimations for hazards such as flood, wind, subsidence, earthquake, crime and wildfire with better precision.
It also provides better insight and risk reporting features to help Willis address Solvency II requirements, the set of updated regulatory requirements for European insurance firms, which come into effect in 2013 .
The Enterprise Geocoding Module also enables clients to make international comparisons across country lines to create more effective pricing, underwriting and risk management.
Starting in the UK, France, Germany, Austria and Sweden, the Pitney Bowes Business Insight solution will serve Willis offices worldwide, providing up-to-date, accurate and consistent geocoding across international geographies.
Willis executive director Nigel Davis said that Pitney Bowes Business Insight’s geocoding solution has improved the service Willis offer to the clients by enabling them to make more informed decisions about their reinsurance costs.
"Better geocoding greatly improves the accuracy of how risk data is represented. Being able to drill down and see how individual properties are affected by potential hazards is very attractive to our clients and can make a huge difference when underwriting agreements," Pitney said.