GEO: Pioneering location-aware risk intelligence
GEO: is the number one provider of geospatial risk intelligence to the insurance industry in the UK. Leading names in insurance have selected the GEO: solution to achieve more sophisticated and competitive risk segmentation, pricing and underwriting decisions. GEO: clients include AXA, Travelers, Hiscox, Amlin & Aviva.
GEO: transforms one-dimensional policy data into vivid and interactive risk maps and profiles. Insurers can streamline rate and underwriting decisions and enable more precise alignment of risk strategies to outcomes. GEO: brings a new depth of understanding to and effective control of a book of business, making the connection between location and risk and exposing a wealth of new business potential.
Learn more about Geo: features and Geo: benefits.
GEO: Features
- Consistent, enterprise-wide data access via a single, centralised database of policy and perils data helping to eliminate inconsistency in rate-setting and underwriting decision making.
- Interact with vivid property-level and accumulative risk maps that offer insightful illustrations of a policy or group of policies’ location and exposure to risk.
- Define more exacting & competitive risk strategies based on ‘true’ geospatial risk segmentation and accumulative modelling to achieve a closer alignment of actuarial rates and underwriting targets.
- Outsource non-core data management tasks to the experts at GEO:, freeing resources from data processing whilst enabling standardised cross-company data access and intelligence.
GEO: Benefits
- Increase market share & profitability through effective risk segmentation; simpler product design for high-volume business; faster sales responses; and increased underwriting automation.
- Retain existing business by providing competitive and fair ‘right-pricing’ enabled by a greater understanding of a book’s individual and area-wide propensity to financial risk.
- Reduce revenue leakage, claims & reinsurance costs by revealing mispriced policies within high-risk thresholds; improve new policy uptake targets and ongoing book management; and achieve more precise reinsurance negotiations.
- Boost underwriting & claims handling efficiencies by streamlining response ratings from underwriters through to a DA and point of sale networks (IFAs/brokers); enhance claims handling effectiveness; and auto-rate properties that fall within low risk thresholds.