Seamlessly integrating flood risk data and flood risk strategy
For an insurer focused on making the most of technology, a flood risk data partner with a similar approach was exactly what was needed
The Challenge
Azur is a managing general agent (MGA) in partnership with AIG. They provide UK brokers with insurance solutions for high net worth individuals. Azur is also a technology company, using continuous product development and rapid deployment to improve the experience for their clients and their own team.
Azur inherited a database of postcode level flood risk data. For a number of reasons, they had lost confidence in their flood risk data. Given their focus on high net worth properties, this didn’t give them sufficient granularity around risk for individual buildings within the postcode area. They wanted to switch to property-level flood risk data as soon as possible.
Our Solution
Azur chose to work with us because they liked our willingness to adapt our products, and the fact that we’re always looking for ways technology can improve our products and the experience of our clients too.
To help them improve the quality of their flood risk data immediately, we provided them with a database of postcode level flood risk data for the UK, as this was all that their existing system could handle.
We then worked closely with their development team to integrate our property-level FloodScore data with their new peril underwriting system using an API. The data is assessed according to Azur’s flood risk strategy and the underwriter receives clear guidance on the action can they can take.
To support this shift from postcode to property level data, we ran two training sessions with Azur’s underwriting team. The focus was on understanding our data, and how the switch would impact the decisions they make.
The Outcomes
Azur’s team of underwriters can now access flood risk data for individual properties across the UK. The granularity of data has opened up new opportunities for the company. This data is fully integrated with their underwriting system, and, since it is delivered via API, there are no costs for storing, managing or updating it. As we update our data regularly, they always have access to the most current data available. Every time we make an update we provide a change log so that they’re aware of any changes.
FloodScore™ Property API
Property-level flood risk scores and data for 100% of UK properties. Get the most current property-level flood risk data on demand.
FloodScore™ Property FloodScore™ Property provides property-level flood risk scores and flood risk information for all properties in England, Scotland, Wales and Northern Ireland.
Flood Insurance Analytics
Our advanced flood risk analytics expose new opportunities and help insurers assess and price flood risk more accurately.
Get a fast, no obligation quote from one of our expert flood risk consultants today.
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