Case Study: Lloyd's of London
Infoterra's innovative solution delivers immediate flood risk intelligence at an individual property level.
Infoterra was selected by Lloyd's to implement an innovative web-based flood risk assessment service that helps Managing Agents across their 80 syndicates to gain a geographic perspective on their exposure to flood risk.
Using the service, each Lloyd's Managing Agent is able to submit a complete portfolio of property addresses via a web service. The portfolio is matched against postcode data to determine geographic location and then assigned a flood risk rating by matching location against the Environment Agency National Flood Risk Assessment database (NaFRA), which allocates high, medium and low flood risk across England & Wales. The results are made available in the form of an electronic report providing financial information accompanied by a KML file for use in the Google Earth environment. Underwriters are also able to use a web service for visualisation that helps them to establish risk at “any address” to support the pricing of new quotations.
"It was crucial that our partner for this project was able to manage and integrate millions of data records, as well as host all this data. Infoterra could do this and deliver geospatial data in a user friendly and secure manner. Also, their commercial expertise in establishing suitable licence agreements with data providers has enabled Lloyd's to launch this valuable service.
Infoterra has also demonstrated a real enthusiasm to work with Lloyd's in the further development of the application."
Paul Nunn, Head of Exposure Management at Lloyd's
This new flood risk assessment service enables the Lloyd's Exposure Management team to provide Managing Agents with an important new decision support service. Agents need immediate answers to key business questions such as; ‘which of my insured properties are exposed to flood risks?', ‘what's our total exposure in specific geographical areas?', as well as rapid feedback on the flood risk associated with new quotations.
Infoterra's Managed Services approach delivers improved risk intelligence for insurance professionals. By integrating a range of insurance perils datasets – including country-wide flood, subsidence and crime risk – with addressing, mapping, aerial photography and height data - Infoterra can provide insurers with risk ratings in a geographical context.