Software firm Sapiens has partnered with Addresscloud, a cloud-based location intelligence provider, to aid insurers with enhanced abilities to understand geographic risk.
The partnership offers several key benefits, including accurate geocoding, which ensures precise location data for every insured property and minimises errors in risk assessment and claims processing.
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Furthermore, insurers will also gain access to comprehensive property data, providing detailed information about insured properties, including their proximity to hazards and other relevant factors, thereby empowering thorough risk evaluation.
In addition, the partnership bolsters accumulation management by analysing geographic concentrations of risk. By integrating Addresscloud’s precise geolocation services and advanced mapping capabilities with Sapiens’ core P&C products, the partnership offers insurers a stronger, more comprehensive solution.
Moreover, the use of peril scores allows for the assessment of the likelihood and severity of various perils, such as flood, wind, fire, and subsidence, leading to better-informed underwriting decisions and pricing strategies.
“We’re excited to announce our partnership with Sapiens, as it marks a significant step forward in transforming how insurers access and utilise location intelligence,” said Mark Varley, CEO of Addresscloud. “Sapiens’ commitment to providing world-class technology solutions aligns perfectly with our mission. By integrating our services, insurers can now seamlessly incorporate precise address matching, geocoding services, and comprehensive property and peril information into their workflows, enhancing their competitive edge in the market.”
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By GlobalData“Our collaboration with Addresscloud underscores our dedication to delivering innovative solutions that drive the insurance industry forward,” said Alex Zukerman, Sapiens chief strategy officer. “Sapiens provides a robust suite of advanced analytics and data integration capabilities, enabling insurers to gain unparalleled insights into geographic risks. By leveraging our comprehensive software solutions, insurers can achieve greater accuracy in risk assessment and pricing, ultimately leading to more effective risk management and improved profitability.”
