Against this background, the main question that rattles every insurance and corporate organization is 'how do we enable instantaneous location-based assessment or risk intelligence?’. Equipped with the technology to improve an insurer’s efficiency, GeoSure brings forth solutions that systematically track, analyze, and forecast hyper-local risk environments in real-time. GeoSure’s solution provides statistical analysis along with scoring processes to obtain risk information pertaining to specific locations rated on a global standardized scale. “With the ability to pin hyper-local risk intelligence by GPS coordinates to very granular environments, a multitude of risks that exist both today and in the future can be measured, mitigated, and avoided altogether,” explains Michael Becker, CEO of GeoSure.
GeoSure’s.pioneering platform was developed to enhance insurance and travel economy organizations’ ability to gauge the relative vulnerability or risk associated with a location through a precise quantitative scoring system. Ranging from 1-100, with 1 being the safest or “least vulnerable,” and 100 the highest risk. The company’s GeoSafeScoresTM platform provides an accurate real-time risk rating of specific areas on a global coverage level. GeoSure provides data on over 30,000 localized environments, which includes neighborhoods of all the major cities around the world. The detailed reports are based on five main categories of risk that take into consideration physical harm, theft, political/basic freedoms, disease and medical, and a first of its kind women’s safety measure. The reports obtained by analyzing vast amounts of both structured and unstructured data then form a harmonic average for a summary of overall risk score. Equipped with such a scoring platform, insurance organizations can leverage a holistic representation of the risk environment to determine the necessity and amount of accident and health insurance, workplace violence, kidnap and ransom, travel and other specialty asset insurance coverage, as well as premium adjustment factors.
Organizations are provisioned with a quantification of risk associated with a region to make the right policy and premium adjustments before ratifying the travel plans of employees across borders, as well as assessing a company’s physical at-risk assets. GeoSure’s suite of safety awareness tools also provides the additional benefit for the insurer in the form of higher returns due to lower claims on the basis of more safety-conscious policyholders. Additionally, the application offers customization capabilities to insurers by incorporating innocuous but impactful personal user characteristic information.
“Our goal is not to frighten or alarm end users.
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We have an insatiable appetite for data that relates to safety, health, and welfare of communities and elevating general safety consciousness
To better understand the advantages of the platform, Becker explains that when a score of a particular area is changed, it is made visible across the platform globally. Additionally, the firm’s operational focus is worldwide. “We have a global footprint. We work with insurance organizations that are looking outside to the (ROW) Rest of World, from within the U.S., as well as organizations from outside the U.S. looking at insurable assets, whether personnel or physical, within the U.S.,” explains Madden.
Having achieved a global presence with ventures in Japan, Australia, Europe, and North America, GeoSure is constantly in the process of enhancing their innovative technology and strategic assets. The company is currently expanding its data harvesting capabilities to provide accurate analysis down to the street level. Given the geographic footprint of companies in the mining and energy industries, as well as the advancements in the data harvesting technology, Becker and Madden are aiming to incorporate remote as well as austere locations in their scoring system to assist these sectors. “We have an insatiable appetite for data that relates to safety, health, and welfare, while at the same time promoting safety stewardship to key stakeholders, communities and consumers, which ultimately helps to achieve our mission” concludes Becker.