Reinsurance leader improves client decision-making through greater accuracy of location-based data

Windsor, Berks UK, 9 February 2011 – Pitney Bowes Business Insight (PBBI) – a global leader in customer data, analytics and customer communication software and services – today announced that risk management and insurance intermediary Willis is using PBBI’s Spectrum enterprise location intelligence solution for improved international geocoding.

The Enterprise Geocoding Module for Spectrum translates address information within policy details into latitude and longitude points, which can then be used for in-depth risk analysis.  By increasing locational accuracy, Willis’s catastrophe models now produce more reliable results, and risk estimations for hazards such as flood, wind, subsidence, earthquake, crime and wildfire can be performed with greater precision.

Providing an accurate overview of an area’s risk status means that Willis's direct corporate clients, insurance carriers and target reinsurance companies can get the best and most comprehensive picture of exposures and price for their book of business at time of renewal.  It also provides better insight and risk reporting capabilities to help address Solvency II requirements.

The Enterprise Geocoding Module also enables clients to make international comparisons across country lines to create more effective pricing, underwriting and risk management – for example, the ability to pinpoint the distance between a property and a faultline can help ensure that a deal is underwritten at the correct price.

Starting in the UK, France, Germany, Austria and Sweden, the PBBI solution will serve Willis offices worldwide, providing up-to-date, accurate and consistent geocoding across international geographies.  It was chosen due to the quality, breadth and trustworthiness of the geocoding data that PBBI provides, and the flexibility of its licensing model.

“PBBI’s geocoding solution has improved the service we offer to our clients by enabling them to make more informed decisions about their reinsurance costs,” said Nigel Davis, Executive Director at Willis. “Better geocoding greatly improves the accuracy of how risk data is represented.  Being able to drill down and see how individual properties are affected by potential hazards is very helpful to our clients.”