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Fortune 500 Property and Casualty Firm Saves Millions
The Challenge
Improve decision making.
The Company
Fortune 500 P&C Insurer that offers products through independent agents.
The Story
Underwriters needed a better way to accurately identify the location of policyholders so they could assess risk and assign the proper rates. Inaccurate risk assessment was costing the company millions of dollars. Working with Pitney Bowes Group 1 Software, the company digitized their territory maps and then used geocoding software to “scrub” address data — helping ensure its quality and accuracy — and pinpoint the address on its territory maps. The company has extended this functionality to underwriters’ desktops and also uses business geographics to track claims and better allocate claim management resources.
The Benefits
Accuracy Saves Millions
By improving rate assignment, the company saves over $1 million per year.
Improved Risk Exposure
Understanding the location of insured properties within hazardous areas allows the company to minimize writing risky policies.
Superior Customer Satisfaction
Our fast production environment enables the company to quickly provide critical information to its independent agents and end-customers.