DMTI Spatial & Intact Financial Awarded Technology of the Year Award
This week, DMTI Spatial and Intact Financial were awarded the Technology of the Year award, Insurer category, at the 6th annual Insurance Canada Technology Conference (ICTC) for their work in implementing real-time location analytics technology at Canada’s largest insurance company.
The risks presented by flood zones, elevation, or environmental factors can affect infrastructure development and insurance underwriting. To better understand these risks during the underwriting process, Intact Financial engaged DMTI Spatial to work on a solution that could easily integrate into their existing systems and processes.
Through DMTI’s location analytics tool, Intact’s 1,200 underwriters can now differentiate various risks based on the location and determine the most appropriate premiums. New quotes and active policies can, for the first time, be grouped to highlight concentration risks in a table form. Underwriters can also select a specific radius around a property to analyze. This function allows underwriters to view all properties within that radius (either active policies or new quotes being considered) in a table format.
TORONTO, March 13, 2015 – At the 6th annual Insurance Canada Technology Conference (ICTC), DMTI and Intact Financial Corporation were awarded the Technology Implementation of the Year award for their work in implementing real-time location analytics technology at Canada’s largest insurance company, resulting in a 15 per cent reduction in processing time. Judging for the ICTA is based on the positive impact that a specific technology or application of technology has had on business.
In 2014, Intact Financial tasked DMTI with building a real-time application that would integrate into the legacy underwriting systems and processes while allowing their team of underwriters to better understand the risks presented by existing and new policies during the underwriting process.
“We are honoured to be recognized as the ICTA Technology Implementation of the Year,” said Philip Kaszuba, President, DMTI Spatial. “As a leader in the insurance industry, Intact came to the project with a clear vision and a desire to leverage location to empower their underwriters with innovative analytical tools to better price and assess risks more efficiently. We’re excited by the results and strongly believe that this solution will help to meet evolving customer demands in the insurance industry.”
Leveraging DMTI’s Location Hub®, Intact implemented a mapping tool that provides a visual user interface within Intact’s underwriting systems, allowing underwriters to quickly identify risks and accelerate decision making. With this tool, underwriters can see properties on a map, street map data, existing risk layers, flood zones, elevation and proximity to water data and more.
“The entire underwriting community at Intact highly values the features associated with this new application,” said Alain Lessard, Senior Vice President, Commercial Lines, Intact Insurance. “The tool has a great visual component that makes it easier to see exactly where a risk is located and how it relates to other risks that Intact writes. We appreciate the efficiency it brings to the underwriting process, but more importantly, it helps us deliver on our promise to provide outstanding customer service and support by accelerating our decision making.”
The award-winning solution from DMTI Spatial has resulted in a 15 per cent reduction in processing time during the quoting process, making the payback period for this project six months. Contributing factors for this reduction included the ease of entering addresses as well as the reduction of errors when entering risk addresses. Further, the street map functionality quickly highlights concentration of risks in relation to environmental factors.
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada. The company distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly owned subsidiary, BrokerLink, and directly to consumers through belairdirect.
About DMTI Spatial
DMTI Spatial, a member of the Neopost group, is the Canadian market leader in location based information and data quality. For almost 20 years, DMTI Spatial has been providing industry leading location economics and Master Address Management (MAM) solutions to Global 2000 companies and government agencies. DMTI Spatial is the creator of market leading CanMap® mapping solutions, Location Hub® and maintains the gold standard for GIS location-based data in Canada. DMTI Spatial is headquartered in Markham, Ontario. Learn more at www.dmtispatial.com