Pitney Bowes and JBA Help Global Insurance Industry Mitigate Risk in New Collaboration
Insurance firms already benefitting from sharing of expertise
STAMFORD, Conn., April 21, 2015 - Pitney Bowes Inc. (PBI:NYSE) and JBA Risk Management, the hazard modelling specialist, today announce a collaboration which will see the global insurance industry benefit from extended, precise flood risk management. Pitney Bowes’ location intelligence expertise paired with JBA’s extensive risk management data enables underwriters, loss adjusters and claims managers across the industry to quantify risk and create accurate, thorough risk assessments.
Pitney Bowes has a wealth of experience in manipulating global flood data to create clear, detailed visual assessments of areas susceptible to flooding and other hazards. Combining these capabilities with JBA’s industry-leading datasets such as the Comprehensive Flood Map of the UK and Ireland, the Europe Flood Map, the Global Flood Map, Hydrological Accumulation Zones and Annual Damage Ratio data, extends this expertise, making Pitney Bowes the global go-to organization for flood-risk mapping, assessment, and visualization with a suite of location intelligence solutions for the insurance industry.
Paul Thompson, Director of Analytical Services, Pitney Bowes said, “We have relationships with more than 300 insurance companies worldwide and already provide all of the top 25 P&C Carriers with our geocoding technology. This global relationship with JBA Risk Management enables us to be the one-stop show for global insurance data, analysis and location intelligence solutions.” He continues, “JBA’s data is extremely robust and well respected, and Pitney Bowes’ innovative applications such as GeoInsight and Spectrum are used by organizations across the world. Together, these solutions create a very powerful proposition to help insurers understand their risk exposure”.
JBA’s portfolio of flood risk management products is now available from Pitney Bowes, which adds value with its per-record tagging of customer and asset data. Robert Carling, Technical Director at JBA said, “During the winter of 2013-14, floods in the UK alone cost the insurance industry £1.2 billion. It’s a staggering amount for an uncontrollable and often unforeseen hazard. Our acclaimed data combined with Pitney Bowes’ extensive experience in manipulating global flood data minimize the impact of flooding by providing timely, accurate and in-depth risk assessments. It’s invaluable to the insurance industry”.
Pitney Bowes’ experience in helping organizations mitigate flood risk extends beyond the insurance industry to encompass public and private sector organizations alike. Sedgemoor District Council is one such organization, which came to Pitney Bowes following Somerset’s devastating floods in 2013-14 to help it create a visual analysis of vulnerable areas. Sedgemoor District Council selected Spectrum Spatial Analyst, another of Pitney Bowes’ browser-based location intelligence (LI) and mapping applications, as it was straightforward to deploy and could re-use existing MapInfo datasets and products across the organization, for all of its planning and management requirements.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company offering innovative products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. More than 1.5 million clients in approximately 100 countries around the world rely on products, solutions and services from Pitney Bowes. For additional information, visit Pitney Bowes at http://www.pitneybowes.com/uk/.
About JBA Risk Management
JBA Risk Management is a leading provider of natural hazard modelling services for insurers, reinsurers, and property or asset managers. JBA people are experts in their field and have great ideas which they deliver through exceptional technical expertise. JBA Risk Management provides security through knowledge, helping clients to understand and manage risks from natural hazards.