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A novel geographical information system that maps local weather patterns and assesses its insurance risk has won Janashakthi Insurance PLC, Asian Insurance Technology award this year.
Presented in Singapore, the second Asian Insurance Technology recognises regional insurance companies for developing novel solutions to mitigate insurance risk.
Janashakthi was among the three companies to win the category of ‘Best Insurer – Technology’ during a glittering ceremony held recently.
“Janashakthi Insurance PLC wins the award of Best Insurer Technology because the use of game changing technology to improve risk management and to enhance customer service,” Asian Insurance Technology said.
In operation since July 2010 and built in house, Janashakthi’s solution blends core insurance application data with publicly available GIS services through Google maps.
For instance, the system provides flood prone area mapping with actual claim data from the core insurance system for different level of the risk areas such as medium or high, to enable a better risk analysis.
It also provides comprehensive set of features to monitor motor claim processing staff and enable collaboration between Janashakthi’s call centre staff and assessors.
“The GIS application has given us insights to assess our risks and deploy our resources more meaningfully,” said Prakash Schaffter, managing director of Janashakthi Insurance.
Usually, insurance companies pay-out hefty claims after any catastrophic event, which significantly hurts their profit margins. This is partly due to lack of data assessment on the risks associated with such catastrophes. Hence, information about the geographical location is a fundamental consideration of any type of insurance in-terms of risk analysis.
The application gives Janashakthi team a wide range of solutions including the ability to map exact location of assessors with the integration of GPS tracking device installed on assessor’s motor cycle. Accident sites can be identified according to the city or district.
The process also offers online assessors, list of Janashakthi branches, enlisted garages, emission testing centres, facility to send SMS to any available assessor via Janashakthi SMS system and provision to plot a new location with given coordinate and so forth.
For core insurance and re-insurance stuff the system provides flood prone area mapping with actual claim data from the core insurance system for different level of the risk areas such as medium or high. It also gives comprehensive search facilities and helps users to find out details like claim location, date and amount; risk analysis by amount; and dates and risk bands.
“The system allows core insurance and re-insurance teams to visually analyse the risk areas from a single interface which strengthens the decision making process, resulting in accurate, finer, speedy, cost effective underwriting,” said Prakash Schaffter.
