22 NEWS
What’s New?
NIG rolls out new mapping tool
NIG has rolled-out a new geospatial mapping tool covering the whole of the UK including Northern Ireland. The new software will sit on the desktops of the insurer’s underwriters giving them an instant picture of each risk, at an individual address level.
The bespoke platform, developed in conjunction with geographic information system expert ESRI UK, provides underwriters with geographical data on the risks of fl ood (including river, coastal and ground water fl ooding), wind storm, theft, fi re, arson and subsidence.
The peril data used in the mapping tool is provided by external experts, and is overlaid with over 20 years of internal data from across the RBS group. This is used to validate all the perils information and underwriting guidance held in the system giving underwriters not only understanding of the property’s exposure to risk, but a picture of its claims history and the group’s past and current exposure in the local area.
David Cahoon
Commenting on the multi-million pound project, David Cahoon, head of commercial pricing and packages said: “This is a major step forward for NIG using the latest technology to aid underwriting decisions. The mapping tool is helping to facilitate better risk selection and accumulation management, by providing our underwriters with market leading geographical data building on our own extensive and unique data sets.”
He said the the mapping tool gave the ability to assess individual risks, including fl ood, fi re and theft, more effectively, so these could be priced more accurately, and should boost competitiveness.
He continued: “Over time, we will further enhance our underwriting data by incorporating additional non traditional underwriting information into the system. The tool will also help us to speed-up our service to brokers. Underwriters now have instant
access to all the collated data they need to make quick, informed decisions. We trade in an environment where results are increasingly dominated by peril and large loss. The prize for picking the least impaired risks is demonstrable in term of enhanced profi t and reduced cost.
“We recognise that this tool is an important development in our armament in the competitive race for leading customer insight. We see the new mapping tool very much as an aid to our underwriters, giving them a detailed, clear picture of individual risks - which they can temper with their own local experience and expertise.”
Insurance Brokers’ Monthly July/August 2010
Evolution links with Cardinus for risk management
Evolution Underwriting Group has launched an initiative to provide its brokers and policyholders with exclusive deals on an online range of products from Cardinus Risk Management.
Under the deal, all Evolution policyholders will receive a voucher offering a free £100 initial purchase for a range of services which can be purchased at a co-branded version of Cardinus’s SME portal. Registering the voucher will also grant Evolution’s customers access to a risk management library and a range of free updates throughout the year.
Evolution’s panel of 300 brokers will receive a similar voucher to the value of £500.
Evolution’s Paul Upton commented: “Since we formed the company in 2004 Evolution has put risk management at the core of its underwriting offering. We have looked at a number of partnership style arrangements over the years and have not been able to fi nd one that is differentiated and aimed at our SME client base.”
Andy Hawkes, CEO of Cardinus Risk Management added: “Cardinus has developed over the past 15 years into a leading provider of health and safety, ergonomics, business continuity, fl eet and property risk management solutions to UK, European and US businesses including the likes of the Health and Safety Executive, Cabinet Offi ce, Hewlett Packard, and Lloyd’s of London.
“Our traditional focus has been to deliver solutions to large corporates but we have now developed our SME proposition and see the tie up with Evolution as a perfect partnership. In an increasingly tough environment for businesses the burden on management to ensure that health and safety, training and disaster recovery exposures are adequately managed gets bigger year on year.”
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