The Challenge

One UK insurer providing general insurance cover started working with Ambiental because they wanted to enter the UK flood insurance market and saw Ambiental’s high resolution flood risk data as essential for entering this market. A Company Director commented: “It’s detrimental if we get flood data wrong and the models we had, prevented us from insuring high risk flood businesses and properties. We are now moving to Ambiental’s full property level data which gives us more value and greater insight into this complex risk.”

Reasons for selecting Ambiental

• Responsiveness – Our customer told us they find the Ambiental more open and easier to approach with questions than other market providers.
• Accuracy of data – Running a comparison of sample data with actual received claims showed a greater level of accuracy and predictability from Ambiental’s data.
• Innovation and Research – The Company Director told us they had valued how Ambiental had given them greater insight and transparency on future model developments , how models are updated and what factors are considered. Our training workshop provided them with insights into the projects Ambiental is involved with and in the future and he liked that we give customers the opportunity to contribute to our model development plans.
• Additional Data Support –  “Ambiental clearly have a lot of knowledge and expertise when it comes to flooding, but their partnerships with other organisations (such as Ordnance Survey) are excellent and were able to provide us with the additional insights that were required.”

Our Solution – Accurate and insightful data supporting better decision making

This insurer uses a flat file database that fits well within their own systems and is very easy to use. They reported that since using Ambiental’s data, they are seeing fewer flood claims and the data is a good match with historical claims, when compared to another model provider.

Outcomes

This insurer can now access flood risk data for individual properties across the UK. The Company Director continued: “The more accurate picture of risk we now have will enable us to decide at the individual property level where we do and don’t want offer insurance cover and ensure that we are only taking on acceptable risks.”