Have you seen a map of all the lakes and rivers in Ontario? In many places the water table is so high any unusual rainfall could result in wet basements. Do you know where most tornadoes occur or where the probability of wildfires is highest? Would you like to know where the problem areas are located so that you can make an informed decision?
Map showing areas that are susceptible to flooding (red)
This kind of information also known as Location Intelligence could save money and improve the time needed to respond when and if there is a problem. Assessing the risk associated with insuring properties located in areas that are prone to natural disasters such as floods, earthquakes, hurricanes, tornadoes and others is one of the cornerstones of the insurance industry. When a request is made for coverage in an area, Location Intelligence can be used to assess the risk of insuring the site.
Map of homes 200m from the Fire Hall
Creating Location Intelligence begins with geocoding the address of the property of interest. The geocoded address is then overlaid on a base map that shows the weather pattern of choice. Other information such as the location of areas of soil contamination or the locations of houses with damp basements that are susceptible to mold can also be easily added. In fact, all the values included in Risk Analysis Tabulations can be overlaid on a map of a local area to assess the risk attached to an area.
The risk factors are presented as layers on a map which can be turned off or on as required. This approach gives insurers the means to visualize countless databases of historical information and present them in a way that can be readily understood. It allows insurance companies to manage exposure to risk, by managing the risk density of a particular area.
Location Intelligence is not only an analytical tool but can be used to create a picture that can be used to assess risk factors and so improve decision making. This kind of intelligence can be yours, contact us.
