"Some people will use predictive analytics like a business 'lighthouse'. Some may simply want to avoid the rocks.  Others will want to climb to the top of the tower and look over the horizon. Either way it's important to have a trusted partner who understands your needs... The Wendover Group can be such a partner to your business"

Tony Boobier, Insurance Expert

Risk Modelling

Prudent insurers recognise the importance of in depth understanding and visualisation of their current and target book of business. Book of business analytics identify locations of maximum exposure both to natural perils (i.e. weather) and man-made events (such as terrorism), both at an individual and aggregated level.

Spatial and predictive modelling allows users to focus on insurance exposure against (but not limited to):

• Crime (property and automotive)
• Subsidence
• Heave
• Flood (pluvial and fluvial)
• Storm
• Fire (particularly arson)
• Third party liability (particularly fraudulent ‘whiplash’ claims)

Insurance Fraud Indicators

With fraud being one area of specific concern to the insurance community, spatial modelling permits the aggregation of key data sets to create not only geographic intelligence, but also visual imagery to ensure optimum use of resources and the creation of triage response.

Using this analysis this insurers can:

• Better understand and visualise trends of fraudulent activity
• Deploy and use resources appropriately and cost effectively to detect and combat fraud
• Improve the claims investigation process without compromising customer service

Supply Chain Management

Simulation modelling combined with spatial modelling can be used to optimise the provision of services to handle claims and ensure maximum purchasing leverage.   

Motor. The optimal provision of company owned or contracted repair shops can be determined by simulating repair claims and allocating these to repair centres based on a set of business rules.  Through this method the capacity and location of repair centres can be determined which will minimise any repairs "leaking" to unauthorised suppliers. 

Building repairs and inspection / adjusting services. Simulation modelling allows benchmarking of  ‘business as usual’ scenarios against surge estimations, planning and maintaining customer service both in ‘normal’ and ‘exceptional’ circumstances, and ultimately improving customer retention.

Insurance Suppliers

As prudent insurers aim to optimise their supply chains to obtain maximum purchasing power, coupled with superior customer service, forward thinking suppliers are using spatial and predictive analysis to simulate and forecast demand to best position themselves in the selection process. 

Suppliers are increasingly using spatial analysis to:

• Improve profitability and reduce cost
• Identify specific client supply requirements
• Better understand exceptional demand in ‘surge conditions’
• Optimise the location of branch networks
• Manage their own supplier and subcontract arrangements
• Enhance their bid prospects