The insurance industry is built around location, more specifically, proximity. For example, knowing exactly where something is in relation to something else, such as how close a house is to a hazard. This approach is fundamental to how insurance companies manage risk as well as ensure a profitable portfolio.

Underwriting

Insurance Underwriters are the people who decide whether or not to accept policies for properties, such as houses, cars and offices. Typically these underwriters have limited visibility and understanding into how a new policy can increase an insurance company’s risk exposure, adversely affect overall profitability. For example, generally an Underwriter is unaware of nearby hazards, how many policies already exist in the area or what the potential loss might be for the new policy. In most cases this analysis is done after the fact, often three to six months later – which exposes insurance companies to even greater risk, risk that ultimately affects profitability. Using the Localligence Insurance Underwriting solution, Underwriter's are now able to better understand the potential risk of a new policy: what’s the annual average loss (AAL) expected for a similar policy in the same area, how many policies already exist in the area and what hazards are nearby.

Claims Responding to loss as a result of natural or man-made events is one of the key obligations of an insurance company. Insurance customers pay premiums to protect their assets in such events, and the ability to respond quickly is an important customer service. It is also important for management to be kept informed of the potential losses during an event. Hurricanes, in particular, can cause hundreds of millions of dollars in losses for an insurance company, and understanding this impact in real time is a critical part of executive management. With Localligence Insurance Solutions, Claims agents are able to log into the Localligence application and select an event from tornados, hail storms and earthquakes, to hurricanes and wildfires. By overlaying the event on the map, agents can then display all the policies that might be affected, as well as get a summary of the potential loss by looking at the Total Insured Value (TIV) of all the policies. In the case of hurricanes, real time updates are provided three days before expected landfall, allowing insurance companies to track the projected path and to then perform buffers of each path to look at the potential loss should the hurricane continue. Post event, agents are able to zoom into the map and identify each policy that might have been effected, adding them to a “Visit” list, along with driving directions and maps for people in the field who are tasked with providing support and assistance

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