Identification of Fraudulent Claims
Insurers are now using geographic information to help identify potentially fraudulent claims. Analyzing claims on a geographic basis, in terms of the origin of the claim or where it relates to, can help to identify trends or patterns in the data that otherwise may remain hidden.
With geo-coded addressees (a structure address with an x & y co-ordinate) insurers can drill down to specific properties when locating the claimant, the witnesses and third parties involved in the claim and investigate the relationship between them or similar claims within a given area. Identifying claim hotspots by location or category allows comparison to industry norms and can be quickly used to identify those claims that need additional investigation.
In today’s competitive and regulatory market, insurers need more accurate information about their portfolios. Knowing exactly what they are insuring, where it is and its proximity to perils (risks) is the key to a successful and profitable operation.
Geo-Underwriting applications use geographic location techniques to improve pricing and risk assessment processes within the property insurance industry.
By identifying known perils such as the risk of natural disaster (flooding etc.) and other information, such as the access to public infrastructure and insurance policy density of the area, the applications can calculate the level of risk and insurability of a property.
Geographical Information Systems use spatial visualization and analysis techniques to provide the user with a single view of interrelationship between addresses, policies, claims, POIs, accumulations and risks.
Using Address Point from Ordnance Survey Ireland, allows individual properties to be located to an accuracy of +/- 1m.
Users can visualize policies on the map as well as display key policy information such as sum assured. Policies are also accumulated according to distance from the address, in order to report on the total sum assured by distance.
Risk scores relate to flood, subsidence and other perils risk, and can be visualized on digital maps and customized to specific customer needs.