Better boundary data is needed in LatAm
There is a hunger for better boundary data being made available to the re/insurance industry in South and Central America, an interactive poll of industry executives participating on a webinar covering the topic of boundary data found.
From more than 150 participants in the webinar, 32 percent said they would like to see better data available for this region while 25 percent selected China and 23 percent South East Asia.
The webinar, run by Intelligent Insurer and GfK, also featured several case studies by Aon Benfield Impact Forecasting, which showed how this type of boundary data is used in creating risk models and its importance.
Christopher Guider, marketing manager at GfK, said the poll would help GfK ensure it remains the market leading provider of this type of information.
He stressed that without quality boundary data no risk model could operate to its potential.
Basing assumptions on inaccurate or outdated data can also lead to re/insurers under-charging for certain perils and subsequently getting stung by higher than expected claims.
“Large discrepancies can emerge when calculating premiums or processing claims based on outdated or incorrectly digitized postal or admin boundaries. This, in turn, results in losses and inefficiencies that are entirely avoidable with good boundary data,” Guider said.
GfK is also the official supplier of the digital CRESTA zone maps. CRESTA zones, backed by Munich Re and Swiss Re, provide a universal standard for the exchange of aggregated, insurance-related information among insurers and reinsurers. The CRESTA zones underwent a major reform in 2013 and now provide coverage of 137 countries worldwide as well as two resolution levels.
To listen to the whole webinar online click here.
