Location Matters
Develop a more comprehensive view of property risk with interactive mapping technology
Insurers can find themselves at a competitive disadvantage when underwriting UK property risk if they aren’t aware of all the relevant factors linked to a physical location.
Local environment, the type and construction of buildings, the demographic make-up of the population and major insurance perils all need to be considered for greater underwriting accuracy and risk selection.
Would you like to gain a better understanding of property risk?
Would you like to gain a better understanding of property risk?
Individual property risk can vary drastically from one location to the next. When making underwriting decisions for any given property, you can log in to Location Matters to look up that address and identify all the property, perils and geodemographic data to remove any doubt from your risk assessments. The geographic risk mapping solution allows you to visualise and manage your exposure and can vastly improve risk selection and your underwriting profitability.
Discover how Location Matters can help you.
Highly granular risk-mapping technology
Highly granular risk-mapping technology
Interactive maps that use internal and external perils models and geodemographic classifications allow you to visualise all the different risk accumulations at an individual address or postcode level.
Location Matters
Full interactivity
Full interactivity
You can upload your own data (such as ratings, policies, or claims) onto the map, layer different perils and their likelihood, create potential loss scenarios, and apply your own underwriting rules.
Location Matters
Acquire accurate property characteristics almost instantly
Acquire accurate property characteristics almost instantly
You can get accurate property characteristics – including building age, roof type, wall type, floor area, and number of storeys – for 29 million addresses across the UK.
At Beazley, the use of Location Matters is integral to our assessment of risk, and we find the level of detail provided is invaluable in identifying high-risk properties at address level within the UK.
- Beazley customer
Quantify major insurance perils risk with ease
Quantify major insurance perils risk with ease
Relevant risk scores can be generated at the postcode level for major insurance perils, such as theft, flood, subsidence, fire, storm, escape of water, or freeze. Address-level risk scores can be generated for escape of water, subsidence, and flood.
Improve exposure management
Improve exposure management
Through insight into the accumulations of risk across your book of business, you can better manage your exposures, identify more profitable opportunities, and reduce reinsurance costs.
Assess claims
Assess claims
Claims departments can also use Location Matters to assess the validity of individual claims from audit reports that provide historical insight into property risk at a specific point in time.
For more Verisk underwriting solutions, check out:
Perils Insight
The Perils Insight product suite is a set of data models that predict the relative risk and variation of claims for household and commercial property insurance.
Premium Insight
Premium Insight is a price analysis tool that provides insurers with the latest comparative insurance product rates for household, private car, motorcycle, and commercial vehicle.
UKBuildings for Underwriting
UKBuildings provides rebuild valuations and property characteristics of residential buildings for underwriting and rating purposes.
Resonate
Gain a deeper understanding of customers through geodemographic classifications.