How do you determine risk for a location that has no address?

Posted by Ivan Maddox on Apr 25, 2018, 8:00:00 AM

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Many solution providers in the market today use addresses as input to determine the risk from multiple perils at a specific location.

But what if your location is a power plant, a factory, a campus or a pipeline? A single point evaluation of risk is not enough. An address simply does not represent the full location.

Solutions built on Google Maps allow users to first hone in on a location based on an individual address  to assess risk. A solution that goes a step further to allow users to navigate around the initial pin point location to get a wider view of the risk adds exponential value.

For properties with large footprints, this is essential for understanding the risk. Different parts of the property could easily have different exposures to natural catastrophe, and the overall risk depends on the whole picture. For example, if the “location” is a pipeline (maybe hundreds of miles long), a single pin point is definitely inadequate. Assessing risk against the entire landscape of the property is essential to accurate underwriting. For many users, InsitePro addresses a critical need that the other solutions can’t adequately serve.

Flood Risk Score is a solution

Topics: InsitePro, Risk Management, Risk Scoring

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Welcome to The Risks of Hazard, brought to you by Intermap Technologies®. From the latest industry news and trends, to insight from thought leaders around the globe, stay tuned for a variety of content aimed at helping you better understand the role of location-based intelligence in the world of insurance underwriting and risk assessment.

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