Insurers are no strangers to data science. As one of the most data mature industries, insurance has relied on location data for assessing risk to both property and people for decades. But while points of interest (POIs) are widely used in risk analytics, recent advances in both their collection and processing have opened up new use cases ranging from usage-based insurance to general liability. Foot traffic associated to POIs is now changing the way insurers write policies and respond to claims.
Given that customer injury and slip, trip, and fall risk is directly related to the number of customers who walk into a location, leveraging up-to-date and accurate geospatial data is the most effective and accurate way to assess risk. POI data can provide the necessary context for a particular place, but foot traffic data delivers a new level of detail around how consumers interact with that place.
- Location-based data has long been a fundamental requirement for many insurance businesses, but new data streams are now empowering underwriters to make more detailed pricing decisions
- Footfall data can help underwriters better assess liability risks, and understand the risk profile of their assets in more details
- Increasingly, predictive analytics can help insurers understand trends in footfall and risk profiles, allowing better and more targeted risk selection
Join experts from SafeGraph, Esri, and Celent on September 22 as they discuss how the latest POI and mobility data are advancing geospatial analytics in insurance.
➤ Jay Gentry, Head of Insurance - SafeGraph
➤ Marty Ellingsworth, Senior Analyst - Celent
➤ Jay Mullen, Insurance Team Leader - Esri
➤ Matt Scott, Contributing Editor - Insider Engage