We outline the market outlook for geospatial analytics in P&C insurance — from market size, to leading companies, to recommendations for players in the space.
What is geospatial analytics?
Geospatial analytics platforms combine demographic and geographic data to increase the precision of risk assessment, reduce the cost of data collection by minimizing the requirement for on-site inspections, and provide novel insights. Use cases include automated property damage assessments and more granular underwriting for wildfire risk.
Features & capabilities
Geospatial analytics provides P&C insurers with several capabilities and tools, including:
- The capability to merge disparate data sources
- AI and machine learning analysis tools
- API connectivity with other underwriting and data platforms
- Real-time data synchronization
At a high level, these solutions create geographic models and data visualizations for more accurate modeling and predictions.