Case
Study
Background
Travelers is a member of The Travelers Companies Inc., a
worldwide property and liability insurance organisation founded
in 1853 in Saint Paul, Minnesota, USA.
In the UK, Travelers provides property-casualty insurance for
selected industrial and institutional sectors and a range of
highly specialist commercial and personal lines insurance products.
Challenge
Insurance companies such as Travelers
are under relentless pressure to lower the
cost of providing insurance to their customers – a
better understanding of the risk associated
with an underwriting transaction is one way
to achieve this.
Solution
Travelers deployed Mapflow’s
GEO solution. GEO provides Travelers with access
to a web service that combines address data
with risk models of perils for spatially analysing
underwriting risk. GEO helps underwriters make
accurate, fast decisions on whether to write
policies by easily identifying the risks associated
with a specific location in real time.
Results
"Travelers recognise
the importance of improving the accuracy
of our property underwriting profitability
through a thorough assessment of attendant
natural perils, especially subsidence and
flood. We believe that the most cost effective
way to achieve this is through Mapflow's
on-line risk mapping service which removes
the need for us to invest in expensive software
and data, while providing up-to-date information
when and where we need it."
Roy Hesketh, Commercial Underwriting Systems Development Manager, Travelers
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