Insuranceciooutlook

Significance of Geo-Data for Risk Management and Mitigation

By Insurance CIO Outlook | Wednesday, January 16, 2019

Risk assessment and mitigation is crucial for organizations around the world as it not only hampers the assets and workflow but also impacts the economy as a whole. Location plays an important role in risk assessment as various factors define risks associated with a certain geographical location like earthquakes, floods, and militant attacks. Risk assessment and mitigation with location analytics has emerged as an ideal solution for organizations to erode the disruptions.

Location Analytics Improves Data Quality

Location intelligence can be used for improved quality of data and analytics. Strategies driven by quality data are more effective than anticipated ones. It also leverages enhanced risk management, streamlined business processes, and operational efficiency. Risk management system developed on location’s data is much efficient to against the potential risk and also saves Company’s cost.   To gain an advantage over the competitors in the market companies are drawn towards combining business analytics and geo-data, it also helps in mitigating risks.

Check this out: Risk Management Solution Providers (Palisade CorporationGeoSure GlobalClearRisk)

Working with Weather

Location analytics allows organizations to understand the risk associated precisely. Weather changes geographically so the associated risk also, such rain density is different in different regions according to which the agriculture industry acts and plans their risk management system. Similar benefits of location analytics can be observed in the aviation industry as well where the weather plays a crucial role in flight scheduling and at times weather anomalies result in delays and cancellation. This costs hefty to customer and company both but with location and weather analytics companies can come up with better risk management plans which help them to improve their customer service. Flight companies can come up with subscription plans based on the geo-location catering their customers with better services and analytical approach will help them reduce their expenses over cancellation and other risks.

Data is the driver of the future and its rise is evident. Organizations will have to adopt data analytics and its tools as more the data better the results of the analysis.  

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