“LexisNexis Risk Solutions has launched new functionality to its geospatial data visualisation tool that will help the insurance sector to gain a clearer understanding of exposures and accumulations in near real-time.
The geospatial data visualisation tool, LexisNexis Map View, offers insurers greater visibility into environmental and peril risks across the whole of their book to help them come up with prices accurately, manage claims, and plan resources for extreme weather events.”
“The property insurance market is facing pricing pressures that demand a deeper understanding of risk as climate change, and severe weather events continue to have a significant impact on their loss ratios and how they manage their portfolio,” said Jonathan Guard, the director of commercial insurance for UK & Ireland at LexisNexis Risk Solutions.
“Map View can offer a direct response to these challenges, helping the market to tackle these environmental-related threats.”
The LexisNexis Map View currently offers over 40 risk datasets, which can be used to understand perils right down to the precision of the building outline – seeing a 50% reduction in flood exposure and 8% improvement in new business targeting.
The Map View also includes additional capacity management tools to help insurers target areas where they could sell more business in large cities and automatically identify where they have areas of high concentrations of sums insured. Insurers can also import files and create new zones for the identification and analysis of on-cover policies.
