Guy Carpenter Selects Pitney Bowes MapInfo® Technology to Power Its Risk Management Solution
World’s Leading Risk and Reinsurance Specialist Integrates Location Intelligence into i-aXs™ Platform
TROY, N.Y.—21 August, 2007—Pitney Bowes MapInfo, the leading global provider of location intelligence, today announced the integration of its location intelligence technology into i-aXs™, an innovative, online risk management platform developed by Guy Carpenter & Company, LLC, the world’s leading risk and reinsurance specialist. With the added component of location intelligence, i-aXs enables insurance companies to analyse and visualise their portfolio exposures and losses at a granular level, helping them make more informed reinsurance purchase decisions.
Guy Carpenter already leveraged MicroStrategy’s business intelligence technology within its i-aXs platform and sought a way to more efficiently analyse and report data from a location perspective. It integrated the Pitney Bowes MapInfo® Location Intelligence Component with its MicroStrategy business intelligence platform and as a result, ceding insurance companies can now utilise location intelligence while concurrently accessing a range of enterprise reporting and analytic solutions. Pitney Bowes MapInfo also enables i-aXs to utilise the output of standard catastrophe model applications. Users are able to seamlessly generate maps of a catastrophe exposure based on reports as well as create reports based on maps.
Shajy Mathai, managing director of Guy Carpenter, stated, “i-aXs is an ideal solution for risk managers who have previously struggled with having too much data and not having the proper resources to manage it and fully take advantage of what the data can provide. The Pitney Bowes MapInfo product provides our clients with the ability to visualise this information on a map, bringing greater clarity to the decision-making process.”
i-aXs enables reinsurance providers to better access and utilise exposure information about natural hazard risks, such as hurricanes, tornados and hail storms, or man-made risks, such as terrorism, from satellite data, GPS and catastrophe models. These tools help carriers better evaluate their risk exposures and select the appropriate reinsurance coverage.
With real-time weather feeds from WSI Corporation and historical information from the Pitney Bowes MapInfo Risk Data Suite™ reinsurance providers are able to analyse geographic risk exposure with greater detail, resulting in more accurate business decisions. WSI provides unique and powerful real-time analyses of forecasted and unfolding weather events that allow carriers and reinsurers alike to understand and estimate the maximum probable loss associated with severe weather events. Historical weather data enables underwriters and analysts to understand the propensity of weather related loss for a specific area.
“With more than 80 percent of all insurance information containing a location component, analysis of this information is critical to making sound insurance business decisions. The reporting power of business intelligence takes on special value when complimented by location intelligence. i-aXs represents the culmination of these efforts,” said Craig Bedell, director of global insurance, Pitney Bowes MapInfo. “i-aXs is also an excellent example of utilising web services for delivering powerful analyses and reporting made possible by our Location Integration Components with leading business intelligence solutions.”
