The bottom line

Datanauts were part of a team awarded a £2 million grant from InnovateUK to harness large and diverse datasets (big data). Working with key industry players we developed a unique tool to help insurers understand and visualize their exposure data. Based on a hugely positive reception from the industry, Inhance is now in the process of being launched as a commercial product.

Key Business Benefits delivered

  • Ability for insurers to quickly understand the profile of the properties they insure
  • Rapid identification of errors by highlighting internally inconsistent data
  • Rapid access to alternate views on their insured properties from commercial datasets.

Challenge

Insurers and reinsurers often have surprisingly limited information about the properties they are insuring. They may often not have a clear picture about what a structure is built from or even exactly where it is in relation to specific hazards. This lack of information leads to uncertainty about the losses they would face in the event of a disaster. This in turn affects everything from policy prices to the capital reserves the insurers have to hold.

Solution

Datanauts worked with remote sensing specialists ImageCat to develop a system for quickly visualising and enhancing property data. We achieved this by identifying both internal inconsistencies within a dataset and by enabling insurers to quickly compare property details they hold with those available on commercial property databases.

Key numbers

Access to 140M+ 3rd party property records
December 2013 Released to ‘early adopters’
March 2014 Full commercial launch

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