MapInfo Introduces Weather and Disaster Data Sets For Insurance Planning

EARTH OBSERVATION

RiskDataInfo allows insurance carriers and reinsurers to consider comprehensive historical data on hail storms, hurricanes, earthquakes, tornados and wind storms, to make more informed decisions on risk exposure, allowing reduced costs and enhanced profitability. MapInfo will be demonstrating RiskDataInfo at the ACORD and Insurance & Technology Insurance Standards Leadership Forum (ISLF) which is being held today in Chicago.

Troy - Sep 24, 2003
MapInfo Corporation has announced the availability of RiskDataInfo, a comprehensive data set of weather and natural hazards for its Insurance Decision Solution Suite (IDSS), the company's industry-leading insurance visualization solution. Now, insurance companies and reinsurers can visually analyze and consider the potential impact of weather and other natural hazards in relation to a specific location.

Traditionally, if an insurance company wanted information on natural forces or weather patterns that could potentially affect a customer, it would need to work with a third-party vendor to create a complete catastrophe modeling solution. Besides being costly, from $25,000 to $250,000, the process to create a catastrophe modeling solution can be extremely lengthy, taking anywhere from six months to three years to complete.

Now, with MapInfo's IDSS and RiskDataInfo, insurance carriers can create their own "what-if scenarios" to forecast and analyze potential risk from the impact of an earthquake or weather-related event such as a hurricane or tornado.

While no one can predict where or when a natural disaster may occur, IDSS coupled with this historical weather and disaster-related data, enables insurance carriers to make informed, cost-effective decisions based on knowledge of past incidents.

"As a leader in providing worldwide risk management services, we know the importance that location plays in making every day business decisions. In fact, we have relied on MapInfo technology for years to obtain a clear view of a customer's exposure to risk," said Bob Siner, director, Aon Risk Services Natural Hazards Group.

"The data contained within RiskDataInfo is the ideal complement to MapInfo's technology, enabling us to easily demonstrate the potential impact of weather and other natural hazards in relation to a specific location."

"MapInfo has long realized the importance of visualization and geography to the insurance industry. MapInfo brings the potential destructive forces of nature to life on an insurance carrier's desktop, enabling them to clearly view a customer's exposure to severe weather and determine the damages and injuries that might result," said Kimberly Morton, director of location intelligence risk management at MapInfo.

"With information regarding a specific site's susceptibility to hurricanes, tornados and other acts of nature, insurance carriers can make accurate rating calculations, and pricing and underwriting decisions. The visualization capabilities of IDSS coupled with RiskDataInfo provide insurance carriers with a cost effective one-stop source to help determine risk exposure."

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