Step to Develop More Effective Reinsurance Programs

Clients in the insurance and financial sector benefit from quicker processes and business decisions

Pitney Bowes Business Insight (PbBi), a leading provider of software solutions and services for data management, customer analytics and Customer Communication Management (CCM), supports its solutions with another global player in the insurance and financial sector. Aon Benfield, a leading global brokerage for reinsurance and financial advisory services for Pitney Bowes Spectrum has chosen as a data management solution. The solution includes the Enterprise Geocoding Module, Location Intelligence modules and integrated global data.

Aon Benfield is the PbBi a global solution to its customers continuous access to spatial data so as to enable more effective business decisions across countries. The Enterprise Geocoding Module locates this known reference points, such as Customer addresses, and provides this as a geo-coded information in the business process is available. Depending on the application scenario, the information is visualized on maps. The solution enables a current, highly accurate and consistent geocoding across national borders.

Aon Benfield is the solution PbBi a global default, and uses its geo-coded data as a fundamental basis for two proprietary tools:

- ImpactOnDemand – a versatile platform that allows insurers to their risk exposure due to historical, present or future, natural or man-made disasters to visualize on a map and to quantify and extrapolate based on this potential losses
- ELEMENTS from Impact Forecasting – (Aon Benfield’s competence center for the development of disaster models) – a tool for calculating the losses based on catastrophe models that will allow the insurer to analyze data on his risk exposure either as a batch, as well as for individual risks to potential estimate losses due to disasters such as earthquakes, hurricanes or floods can be.

Through this easy-visualized information insurers are able to better assess risks, to quantify potential losses and develop more effective reinsurance programs. The introduction of PBBIs helps Geokodierungslösung as a standard in the company Aon Benfield about to give his customers a better understanding and to offer better risk reports, so to prepare for the forthcoming Solvency II requirements. In addition, Aon Benfield up for his clients even across international comparison scenarios to make their pricing models, their risk taking and risk management more effective. For instance, helps the possibility of the distance between a property and a geological fault to determine accurate and to offer customers more accurate pricing models.

“It is now possible to process up to seven million records per hour, which exceeds our previous Geokodierungsressourcen by far,” said Stephen Mildenhall, chief executive officer of Aon Benfield Analytics. “To the world only a process platform, has expanded our field of action and our coverage and provided a much better decision, even across national borders. It also means that we collect information from various sources to feed and they can be administered by a single central system. ”

The reasons for the decision of Aon Benfield to work with PbBi were the ease of use and integration of the Spectrum solution and the flexibility of PbBi in the allocation of software licenses.

“PbBi has proven to us that they can find the solution that best fits our requirements,” adds Mildenhall. “You have just shown the flexibility which is important if you want to do business on an international scale.”