While more accurate and timely risk models and data is available, carriers and reinsurers struggle to integrate the data into their decision making.
Geosite ensures frictionless geospatial and insurance integration.
Geosite integrates data into the full policy lifecycle
Data Driven Pricing
Data is the real enabler of insurance. Geosite opens up the opportunity to perform complex, large-scale and real-time analysis without the need for manual data handling. Geosite has enabled everything from creation of new products to updated pricing of current products.
Automatically leverage the best of geospatial AI, imagery, flood, fire, and climate models directly in underwriting workflows and policy admin systems. Geosite automatically and dynamically pulls from the best data sources in the world for each geography and product type.
Reserving / Claims
Reserving intelligently requires a continuous understanding before, during, and after an event for rapid assessment of total damage. Geosite’s platform calculates losses across full portfolios by dynamically leveraging the best geospatial data, models, and geocoders.
Be the organization your customers look to in a time of crisis. From pre-event alerts to post claim handling speed, knowing which of your policy holders will be affected trough weather and catastrophe data allows customer success teams to ensure unique and valuable CX.
Geosite's Platform: Bedrock API and Ascend
The geospatial data platform that underlies all our products - we affectionately call it the “geospatial engine”:
Ingests, normalizes, and interprets data from all sources
Translates data into useful and usable information
Houses the recommendation engine for data selection
Visualization tool which sits on Bedrock, creating an intuitive method for consuming geospatial data visually:
Displays assets, like insured properties, and the correlating data
Provides insights on the implications of the data
Building A Claims Application with MS&AD
In 2021, MS&AD approached Geosite to help them overhaul their claims processes through digital transformation, which would enable them to more efficiently receive and process claims. Prior to this partnership, MS&AD’s claims databases were siloed and inaccessible, and customers had to submit claims information manually, which led to slow and inefficient claims processing and payout.
The MS&AD Claims team leveraged Geosite’s data marketplace to select the data (from satellite imagery, drones, and IoT) that provided insight on areas of interest post large-scale catastrophic events.
In addition to this data fusion, Geosite built proprietary AI/ML models to automate damage assessment, and overlaid it with the existing data; this functionality provides claims with the comprehensive knowledge of post-cat damage. Finally, Geosite piped all data and analytics models into a customized, single software environment for claims; claims analysts are now able to easily access the insights from spatial data with little to no training. With Geosite’s platform, MS&AD can quickly estimate claims amounts, approve loss amounts in minutes, and operate more efficiently.
Utilize the geospatial economy to improve customer satisfaction, increase efficiency, and optimize claims and underwriting processes.
Geosite Already Offers Integrations with Leading Policy Admin Systems
In 2022 Geosite announced it's partnership with Socotra. The first of the policy admin systems to have access to Geosite's Bedrock API. With this integration Underwriters and claims agents have automatic access to the best flood models, fire models, property analytics, and geocoding in the world directly within their day to day underwriting and claims workflow.