MapInfo Introduces Weather and Natural Hazards Data Sets for Insurance Solution.
TROY, N.Y.--(BUSINESS WIRE)--Sept. 23, 2003
Carriers Can Analyze Risk of Weather Perils and Natural Disasters
With RiskDataInfo for MapInfo Insurance Decision Solution Suite
MapInfo Corporation (Nasdaq: MAPS) today announced the availability of RiskDataInfo(TM), a comprehensive data set of weather and natural hazards for its Insurance Decision Solution Suite (IDSS), the company's industry-leading insurance visualization solution. Now, insurance companies and reinsurers can visually analyze and consider the potential impact of weather and other natural hazards in relation to a specific location. RiskDataInfo allows insurance carriers and reinsurers to consider comprehensive historical data on hail storms, hurricanes, earthquakes, tornados and wind storms, to make more informed decisions on risk exposure, allowing reduced costs and enhanced profitability. MapInfo will be demonstrating RiskDataInfo at the ACORD and Insurance & Technology Insurance Standards Leadership Forum (ISLF) which is being held today in Chicago.
Traditionally, if an insurance company wanted information on natural forces or weather patterns that could potentially affect a customer, it would need to work with a third-party vendor to create a complete catastrophe modeling solution. Besides being costly, from $25,000 to $250,000, the process to create a catastrophe modeling solution can be extremely lengthy, taking anywhere from six months to three years to complete.
Now, with MapInfo's IDSS and RiskDataInfo, insurance carriers can create their own "what-if scenarios" to forecast and analyze potential risk from the impact of an earthquake or weather-related event such as a hurricane or tornado. While no one can predict where or when a natural disaster may occur, IDSS coupled with this historical weather and disaster-related data, enables insurance carriers to make informed, cost-effective decisions based on knowledge of past incidents.
"As a leader in providing worldwide risk management services, we know the importance that location plays in making every day business decisions. In fact, we have relied on MapInfo technology for years to obtain a clear view of a customer's exposure to risk," said Bob Siner, director, Aon Risk Services Natural Hazards Group. "The data contained within RiskDataInfo is the ideal complement to MapInfo's technology, enabling us to easily demonstrate the potential impact of weather and other natural hazards in relation to a specific location."
"MapInfo has long realized the importance of visualization and geography to the insurance industry. MapInfo brings the potential destructive forces of nature to life on an insurance carrier's desktop, enabling them to clearly view a customer's exposure to severe weather and determine the damages and injuries that might result," said Kimberly Morton, director of location intelligence risk management at MapInfo. "With information regarding a specific site's susceptibility to hurricanes, tornados and other acts of nature, insurance carriers can make accurate rating calculations, and pricing and underwriting decisions. The visualization capabilities of IDSS coupled with RiskDataInfo provide insurance carriers with a cost effective one-stop source to help determine risk exposure."
RiskDataInfo is available now. For more product information and specifications, please visit http://www.mapinfo.com/riskdatainfo.
MapInfo Corporation is a global software company that integrates software, data and services to help customers realize greater value from location-based information and drive more insightful decisions. MapInfo solutions are available in 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, NY, MapInfo Corporation is on the World Wide Web at www.mapinfo.com.
MapInfo is a trademark of MapInfo Corporation and/or its subsidiaries and affiliates. Other product or service names mentioned herein are the trademarks of their respective owners.
This press release contains forward-looking statements involving risks and uncertainties. Any statement not a statement of historical fact is a forward-looking statement, including without limitation statements concerning demand for and benefits of MapInfo products and integration of MapInfo products with existing solutions. Market acceptance, potential integration difficulties, decreased customer spending and economic trends may cause these statements not to be true or to differ materially from the manner presented. MapInfo takes no responsibility to update any forward-looking statements.
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|Date:||Sep 23, 2003|
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