Debunking 5 Common Myths About GIS Technology in the Insurance Industry
Exposure management is crucial for insurance companies to maintain sufficient capital against catastrophic losses. Without carefully balancing their exposures and capital, a single catastrophe can put a company out of business. GIS-powered interactive maps are a powerful tool for visualizing and managing risk, but several myths around this exist. In this article, we debunk these misconceptions and explore the truth behind GIS technology in the insurance sector.
Myth 1: GIS Software Tools Are Not Fast
With the advent of cloud computing, GIS tools now operate at high speeds even during peak loads. Cloud-based server clusters ensure that performance remains robust. For mobile users, offline GIS capabilities guarantee high performance even in areas with poor connectivity. This shift to the cloud has made GIS tools not only fast but also more reliable and accessible.
Myth 2: GIS Is Not Easy to Use
The user-friendliness of GIS has drastically improved. Modern GIS applications are designed to be intuitive and web-based, eliminating the complexity that once required extensive training. Today, GIS tools are built with simplicity in mind, ensuring that users can quickly obtain the answers they need without the software getting in the way. The focus on ease of use has made GIS accessible to a broader range of users within insurance companies.
Myth 3: GIS Is Inflexible
Historically, GIS might have been seen as rigid, but this is no longer the case. Contemporary GIS tools are highly versatile and can be customized to meet specific needs. They allow for the seamless integration of insurance-related data, easy map publishing, and rapid analysis. The flexibility of modern GIS means it can adapt to a wide variety of insurance applications, from risk assessment to claims management.
Myth 4: Traditional GIS Makes Communication Difficult
GIS excels at enhancing communication through visual maps, which provide deeper insights than traditional spreadsheets. For insurance professionals accustomed to numerical data, these maps offer a new level of understanding. GIS is more than just mapping software; it empowers decision-makers with location intelligence, making it easier to convey risk exposure information to clients and stakeholders effectively.
Myth 5: GIS Is Expensive
The cost of GIS has significantly decreased with advancements in technology and the rise of cloud services. Affordable subscription models and scalable solutions have made GIS accessible to insurance companies of all sizes. The initial investment in GIS is often offset by the substantial benefits it provides in terms of risk management and operational efficiency.
Conclusion
GIS technology is a powerful tool for insurance companies, offering significant advantages in risk assessment, claims management, and underwriting. By debunking these myths, it becomes clear that modern GIS is fast, easy to use, flexible, and cost-effective. Embracing advanced GIS systems can lead to better exposure management, improved decision-making, and enhanced profitability for insurance companies.
About Quarticle:
At Quarticle, we build intelligent map systems. We transform complex data into versatile user-friendly visualization and analysis solutions. Every design aims for sophistication through precision, creativity, and simplicity.
Our philosophy and history have been shaped by our dedicated, visionary, and dynamic team. Using his expertise in numerous university research projects and some of the best IT companies in the world, Octavian Iercan started a team with similar interests to his: develop new products that use technologies at the intersection of Geoinformatics, Cloud Computing, and Remote Sensing.
Quarticle started with two passionate researchers, in August 2014, and has grown rapidly since then. Our offices are situated in Arad and Timisoara but we also have colleagues who work remotely. The expertise of our team is multidisciplinary, covering numerous areas: GIS and remote sensing, IT, finances, environmental sciences, meteorology, mathematics, statistics, education, research, web design, product design, marketing, communication, and sales. We develop client-tailored products or adapt our products and services to the needs of each client.
Reach out at [email protected] to explore how Quarticle’s products and services can elevate your business to new heights.