Utilising Location Intelligence to future proof MGAs

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UTILISING LOCATION INTELLIGENCE TO FUTURE PROOF MGAs
Providing enterprise grade solutions to MGAs

Webinar Overview

KEY TAKE-AWAYS: 

  • Delivering solutions that drive efficiencies in decision-making and reporting within MGAs 
  • A flexible approach aligned to client needs – but not budget busting when it comes to customisation 
  • A data, analytics and technology partner that aligns solutions to your growth objectives 
  • Data accuracy to better enable marginal decisions and support more profitable decisions 

In October 2021, Gamma Location Intelligence (Gamma LI) was invited by the MGAA to present on “Utilising Location Intelligence to future proof MGAs” for members to consume as part of their continuous professional development programme.

Gamma LI colleagues Richard Garry (CCO) and Peter Finch (CTO) delivered an overview session that covered the simplicity with which geospatial solutions can be implemented to drive efficiencies in decision-making and reporting within MGAs.

Taking advantage of enterprise level solutions to better enable those with growth objectives.

Five learning objectives were outlined, the content of which is summarised below:

1. Learn how Gamma LI’s geospatial solutions and location intelligence can provide greater insights for MGA’s. 

With 20-years of experience in supporting insurance clients with their data and reporting challenges, Gamma LI is well positioned to aid MGAs with their growth objectives in a constantly changing market.

Flexibility, agility, and a can-do attitude is baked-in to how Gamma LI supports and delivers against client specific needs.

Gamma LI offers enterprise level capability via SaaS-based solutions aligned to your usage needs and demands.

The Perilfinder platform enables the user to access the right data at the right time, to make informed decisions related to the attributed risk. At property-level.

Easy to work with and integrate – even within legacy solution stacks/environments.

Gamma LI’s support is second to none. 

The proof is in the pudding, of course – so why not try it today…? 

Gamma LI takes the strain away from the client when it comes to managing data that delivers insight in relation to property risk. Perilfinder integrates data from multiple risk sources and “plugs any data gaps” using machine learning, AI and in-house data science to deliver high-quality data insights at the property level. 

  • Perilfinder enables the user to identify location risk in seconds – or sub-seconds.  
  • Check the risk of flooding, subsidence, criminal damage, burglary, arson.  
  • Understand a property’s context in terms of proximity to risks – either natural or man-made.  
  • The propensity towards a motor collision claim.  
  • The volume of exposure to your business within the immediate area of a prospective clients’ property.  
  • The claims and insured risk of an area. 

All within 3-clicks and before you’ve been able to think of what your name is…! 

Image 1: Perilfinder – property level risk in context (summary) 

From a strategic business intelligence perspective, Perilfinder can also incorporate flood, ground movement and weather-related change models.

The impact – be it short or long term – of these changes on an insurer’s existing or potential book of business is something that is becoming increasingly important from a business planning perspective, as well as a regulatory reporting and sustainability perspective.

Assessing the impact over time and the changing cost or exposure of a book of business are aspects that are key in an evolving regulatory landscape.

2. Learn how customising Gamma LI’s Perilfinder geo underwriting solution can lead to better underwriting decisions. 

For something that is deemed complex by many providers – for Gamma LI customisation is a central tenet of the tool.

Why…? Because this is key to its flexibility and in shortening the clients’ “time to value” when investing in such a solution.

No code configuration of the Perilfinder solution means that customisations can be managed by Gamma LI or the user organisation. And those customisations are from top to bottom depending on the set up of your business.

Customise by lines of business.
Customise by books of data.
Customise by risk rules.
Customise by accumulations reporting models.
Customise by regulatory imperative.

Why has Gamma taken this approach…?

It’s all to do with enabling the solution to align to your business process WITHOUT the hidden costs associated with many software development solutions. 

3. Overview of the benefits of cloud-based technology to provide rapid data processing and speed up decision making. 

Delivered as a cloud native solution further drives down the cost of investing, but significantly levels the playing field in terms of delivering computing capability at the type of performance that big brands take for granted.

Serverless technology drives down cost and increases efficiency in delivering results and performance.

Open-source technology enables MGAs to access high quality software, with no vendor lock-in.

Better security and standards enable us to ensure your data is always encrypted. 

Image 2: Cloud native and serverless – reduced processing overhead means improved performance. Everywhere. 

And in a world that desires “convenience without the cost” it can be accessed from any location – without any performance overhead irrespective of where the user is – in the office, at home, or off-site (in the field).

4. Illustrating the value of building-level data to ensure data quality. 

There are two aspects to building level data that users need to have an appreciation of.

The first – and perhaps most important – is Geocoding.

Not the most exciting element, but it’s foundational – and we all know you don’t build anything without the proper foundations.

Geocoding is the ability to take an address and identify the property and building (footprint) that it relates to. The granularity of building level geocoding allows the user to make more marginal and better-informed decisions.

Images 3 & 4: Same postcode, but different risk profiles How comfortable are you insuring 3 Averay Road in comparison to 39 Averay Road…?

The example above illustrates two properties in the same postcode, but with very different flood risk profiles.

The potential is that what may have been a clear decision based on a postcode check previously, now becomes a marginal decision where the risk is in fact negligible. Thus, enabling a more profitable decision for your business.

The second aspect relating to building level data is the use of Property Prefill.

Many businesses are challenged by the need to capture consistent details from a prospective customer before a sale can be made. It can be a barrier to completing the purchase by the customer/prospect. So, one approach is using 3rd-party prefill solutions.

Prefill is valuable when it comes to reducing bounce rates – enabling the customer to simply review and validate the data. This saves time and therefore increases the likelihood that the customer will convert.

The circle is virtuous – if bounce rates go down; then conversions, quotes and sales should all go up.

Image 5: Property level data – the cornerstone for business improvement…?

As a data specialist, Gamma LI understands that availability of high-quality data is key to our clients – confidence scores are applied to the data to give assurance that its fit for purpose (or can be viewed in context) and where there are gaps or only poor-quality data available Gamma LI use ML and AI to improve the quality of the information that is delivered. 

5. Provide an understanding of how investment in R&D has provided Gamma LI with the platform to develop valuable solutions for our clients related to climate change, property data and map visualisation. 

Gamma LI’s commitment to R&D is a significant part of the business philosophy – enabling solutions to come to market quickly, especially within those markets that are dynamic and subject to change.

Pre-empting client requirements not only ensures Gamma LI is aligned to how the market evolves but enables customers to maintain a competitive edge.

Yet wrapped in a commitment to deliver world-class support, alongside solution customisation and agility.

Supplemental to Gamma LI’s R&D commitment is its broad, cross-sector experience – taking learnings from one sector, which can permeate into solutions that we deliver to other sectors.

For example, the use of mobile trace data (within our retail and outdoor advertising clients) and data collection applications (used across many clients; from local authorities to field-based operatives, to telecoms and call centre clients). Each of these has potential use case benefits that could be leveraged by our insurance-oriented clients today.

And will – in all likelihood – cross-fertilise and evolve the solutions that will be delivered to insurance and MGA clients in the future.

Don’t just take our word for it – why not try it today…?

OR

Expanding Property Risk Platforms to Assess Climate Change Impacts: Data, business processes and regulatory requirements

Tuesday, 26th April @ 1 pm

The insurance sector faces many challenges regarding environmental risk and addressing the “E” challenges of ESG requirements. In practice, this includes accessing property-level risk data at the right time, so that underwriters can make informed decisions quickly.

During this session, Feargal O’Neill and Richard Garry from Gamma Location Intelligence (Gamma LI) will look at how current location intelligent risk platforms speed up the decision-making process for underwriters and increase profitability. They will also talk about the need to extend property peril intelligence for climate change assessment and then discuss data and solutions that help insurers and MGAs understand and reduce climate change risk exposure.

Gamma LI will be joined by speakers from partners Sust Global and First Derivative, who will talk about the assessment of climate risks related to global assets and cover the regulatory requirements in the insurance industry.

Learning Objectives

By the end of the event, delegates will be able to: 

  1. Summarise technology available to assess environmental property risk and understand the changes associated with physical climate change risk
  2. Understand the current state of development of climate risk models and APIs
  3. Explain the regulatory requirements (ESG, Scope 3, Net Zero) and identify potential requirements for MGAs.

@ 2022 Gammali.co.uk by Jason Day

About Gamma Location Intelligence

Gamma Location Intelligence (Gamma LI) is a cloud hosted solutions provider that integrates software, data and services to help our clients reduce risk through location intelligence. Established in Dublin, Ireland in 1993, and with offices in Manchester, UK and Bilbao Spain, the company has expanded to become a global provider of cloud-native location intelligent systems and services. Gamma LI’s Perilfinder™ risk mapping platform provides property underwriters with access to trusted property-level risk data easily, quickly and accurately.

Time to value: Whilst each client will have their own requirements, out-of-the-box implementation of Perilfinder is as simple as Gamma LI begin provided with the users’ details (email address). Anything more complex typically takes anywhere between a day and 2 weeks.  

We don’t believe in making things difficult.