The Role of GIS in a Future Insurance Ecosystem

Keywords: spatial analysis, insurance, policy
Session Type: Virtual Paper Abstract
Day: Sunday
Session Start / End Time: 2/27/2022 05:20 PM (Eastern Time (US & Canada)) - 2/27/2022 06:40 PM (Eastern Time (US & Canada))
Room: Virtual 41

Abstract

Like many sectors, insurance is trying to understand and embrace new technologies that would allow them to thrive in the Digital Economy. Our research has shown us that a future insurance ecosystem must be customer-centric, data-driven and be built upon a model of risk prevention. This ecosystem will require data collection and analysis in real-time, continued monitoring of what is being insured, and a different model of risk and value. Geospatial data, and the associated spatial models and analytical tools, will take on a much more prominent role if these requirements are to be fulfilled. Through a review of industry case studies, this presentation will analyse the role of GIS in the ecosystem and the GIS research that needs to be undertaken particularly relating to data ownership, data analytics and data usage. The work draws on the outputs of two existing research grants that focus on the digital transformation of LEOs and servitization (i.e., the move from a product-based offering to a service-based offering). Insurance is highly regulated. If the ecosystem is to be successful GIS researchers will need to be included in its development, particularly when developing policy for an insurance sector that focuses on risk prevention.