Pitney Bowes MapInfo and WSI Join Forces to Provide Insurers with Weather Risk Data
SEATTLE, May 08, 2007 - Pitney Bowes MapInfo, the leading global provider of location intelligence, today announced an alliance with WSI Corporation (www.wsi.com), the world's leading provider of weather-driven business solutions, to integrate real-time and forecasted weather information within the Pitney Bowes MapInfo® desktop and Web-based location intelligence applications. This integration enables insurers, reinsurers and brokers to analyze geographic risk exposure with greater detail, resulting in more accurate business decisions.
Utilizing WSI’s weather data in conjunction with Pitney Bowes MapInfo technology, insurers are able to secure an up-to-the-minute view of risk exposure as events unfold. This allows for more proactive and efficient mobilization of claims resources in the wake of a catastrophe. Historic or forecasted weather information can be used to develop more robust policy rating models and to assess portfolio risk exposures to catastrophes and natural disasters. The data can also be used to calculate a policy holder’s proximity to a given event, distance to the coast and relation to a particular flood zone. Additionally, the data integration provides insurers with the ability to perform “what if” scenario analyses. Claims and risk management brokers can utilize Pitney Bowes MapInfo location intelligence with real-time weather feeds or forecasts from WSI to monitor weather situations as they develop.
“Our leading-edge research and development team constantly strives to translate weather information into more powerful and useful tools that will provide great benefits to the reinsurance decision-making process,” said Ira Scharf, WSI’s Vice President of Energy & Risk Services. “Combine the expertise of WSI with the capabilities of Pitney Bowes MapInfo and you have a great product resulting from years of research and development that will provide insurance executives with the ability to leverage vast data repositories, right from their own desktops, to make better decisions regarding risk.”
The partnership will deliver global, real-time, forecasted and historical weather information, as well as analytics including North American and European radar information. Also available will be global satellite imagery, proprietary tropical forecasts for the U.S., Japan, and Australia, European wind forecasts, earthquake monitoring and WSI’s proprietary Hot Storm Index™ which derives the potential impact of severe weather events including hail, wind and flooding from raw NEXrad radar data.
“In the insurance industry, weather is a critical variable to take into consideration when assessing risk. Portfolio risk analysis, underwriting, claims planning and other important business processes all benefit by carriers, reinsurers, Lloyd’s syndicates and reinsurance brokers incorporating real-time weather and forecasts that have been created in polygonal format. In this way, the data is more than a pretty picture, but rather a useful spatial analytics tool. Our partnership with WSI enables Pitney Bowes MapInfo to directly integrate real-time information on disruptive weather events into our customers’ applications,” said Craig Bedell, director of global insurance, Pitney Bowes MapInfo. “We pride ourselves on delivering the best solutions for our customers and this partnership underscores this commitment.”
About WSI Corporation
WSI Corporation is the world’s leading provider of weather-driven business solutions for professionals in the aviation, media, energy and insurance markets. Over 200 energy, insurance, and risk management companies around the globe rely on WSI’s weather information and expertise to make critical decisions in operational planning. Headquartered in Andover, Massachusetts with offices in Birmingham, England, WSI is a wholly owned subsidiary of Landmark Communications, Inc., a privately held company that also owns The Weather Channel® and weather.com®. Visit www.wsi.com for more information.
About Pitney Bowes MapInfo
Pitney Bowes MapInfo, part of Pitney Bowes Inc. (NYSE:PBI), is the leading global provider of location intelligence solutions, integrating software, data and services to provide greater value from location-based information and drive more insightful decisions for businesses and government organizations around the world. The company’s solutions are available in multiple languages through a network of strategic partners and distribution channels in 60 countries. Visit www.mapinfo.com and www.pb.com for more information.
This press release contains forward-looking statements involving risks and uncertainties. Any statement not a statement of historical fact is a forward-looking statement, including without limitation statements concerning demand for and benefits of Pitney Bowes MapInfo products and integration of its products with existing solutions. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission under the heading “Risk Factors.” Pitney Bowes MapInfo takes no responsibility to update any forward-looking statements.