Sep 15, 2014 -- Brokers can blow traditional expectations from clients out of the water by tapping into the same cutting-edge smart mapping analysis used by the world's biggest insurers, according to a leading insurance technology expert.
Esri Australia Principal Consultant Gary Johnson said the combination of smart mapping technology and authoritative datasets can enable brokers to provide new value-added services, such as natural peril mitigation strategies and continuity planning for extreme weather events.
"Smart mapping is already a crucial tool for global insurance giants - such as Amica Mutual Insurance, Willis and RSA Group - to determine pricing, risk exposure and claims management," Mr Johnson said.
"But this approach is also a Holy Grail for those innovative brokers looking to take their services to a new level - and gain a significant edge on their competitors.
"Where insurance companies see smart mapping as a way of understanding risk in order to accurately price and underwrite policies, for brokers the technology allows the management of risk to be transformed from an insurance issue into a complete discipline.
"Using smart mapping solutions, brokers can generate detailed reports to highlight the strengths and weaknesses of a client's asset program and inform a risk mitigation strategy.
"By exposing a client to such a comprehensive level of information, brokers can help them understand the risks they face in their particular location.
"In doing so, brokers can build on existing relationships by helping end clients make better decisions based on their risks."
Mr Johnson will speak to the advantages of smart mapping to more than 1,000 of the nation's leading brokers at the NIBA Convention in Adelaide.
He said the technology is a crucial tool for the life of the broker-client relationship.
"New information and changes in variables - such as legislative shifts or natural factors like climate change - can be included in the process," Mr Johnson.
"Brokers can then undertake meaningful reviews to catch these changes in their risk profile early and provide the most up-to-date advice to their clientele."