Willis Chooses Spectrum from Pitney Bowes Business Insight for International Geocoding
February 09 2011 - 8:55AM
Business Wire
Pitney Bowes Business Insight, a global leader in customer data,
analytics and communication software and services, today announced
that risk management and insurance intermediary Willis is using
Spectrum, Pitney Bowes Business Insight’s enterprise location
intelligence solution, for improved international geocoding.
With more than 400 offices in nearly 120 countries, Willis
develops and delivers professional insurance, reinsurance, risk
management, financial and human resource consulting and actuarial
services to corporations, public entities and institutions around
the world. Using the Enterprise Geocoding Module for Spectrum,
Willis can now translate address information within policy details
into latitude and longitude points, which can then be used for
in-depth risk analysis. By increasing its locational accuracy,
Willis’ 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' direct corporate clients, insurance carriers and
target reinsurance companies can receive 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 set of updated regulatory requirements for
European insurance firms, which come into effect in 2013.
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
Pitney Bowes Business Insight 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 Pitney Bowes
Business Insight provides, and the flexibility of its licensing
model.
“Pitney Bowes Business Insight’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 attractive to our clients and can make a
huge difference when underwriting agreements.”
About Pitney Bowes Business Insight
Pitney Bowes Business Insight is a software and services company
that provides solutions to help organizations acquire, serve and
grow relationships with customers and citizens. These solutions
enable lifetime customer relationships by integrating data
management, location intelligence, sophisticated predictive
analytics, rules-based decision making and cross-channel customer
interaction management to increase the value of every customer
communication while also delivering operational efficiencies.
Pitney Bowes Business Insight is a wholly-owned subsidiary of
Pitney Bowes Inc. (NYSE:PBI), a customer communications management
technology leader. For more information, please visit
www.pbinsight.com and www.pb.com.
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