Guy Carpenter Selects Pitney Bowes MapInfo(r) Technology to Power Its Risk Management Solution
Written by Pitney Bowes MapInfo
Tuesday, 21 August 2007
World's Leading Risk and Reinsurance Specialist Integrates Location Intelligence into i-aXs(tm) 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(tm), 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(r) 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(tm) 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."
About Pitney Bowes MapInfo
Pitney Bowes MapInfo, part of Pitney Bowes Inc. (NYSE:PBI), is the leading global provider of location intelligence solutions, integrating software, data and services to provide greater value from location-based information and drive more insightful decisions for businesses and government organizations around the world. The company's solutions are available in multiple languages through a network of strategic partners and distribution channels in 60 countries. Visit www.mapinfo.com and www.pb.com for more information.
About Guy Carpenter & Company, LLC
Guy Carpenter & Company, LLC is the world's leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies, Inc. Guy Carpenter creates and executes reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. The firm's full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter's Instrat(r) unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm's clients more successful. Guy Carpenter's website address is www.guycarp.com.
*Securities or investments, as applicable, are offered in the United States through MMC Securities Corp., a US registered broker-dealer and member NASD/SIPC. Advice on securities or investments in the European Union is provided through MMC Securities Ltd., regulated by the Financial Services Authority for the conduct of investment business in the United Kingdom. Reinsurance products are placed through qualified affiliates of Guy Carpenter. MMC Securities Corp. and MMC Securities Ltd. are affiliates of Guy Carpenter.
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