June 21, 2011
Pitney Bowes Business Insight launched Flood Risk Pro, a new Risk Data Suite bundle that will enable National Flood Insurance Program and Excess Flood coverage insurers to build up-to-date flood risk information into their underwriting processes.
During 2011, the United States has experienced some of the worst flooding in recent history. Flooding along the Mississippi River in recent weeks forced more than 5,000 people from their homes in five states and inundated more than 2 million acres of farmland. The average annual U.S. flood losses in the 10-year period of 2001-2010 were more than $2.7 billion. More than 5.5 million people currently hold flood insurance policies in more than 21,000 communities.
Flood Risk Pro provides timely and comprehensive flood zone and Flood Insurance Rate Map data from the Federal Emergency Management Agency. This product will help NFIP insurers and Excess Flood coverage providers issue accurate flood insurance policies to their customers.
Flood Risk Pro strengthens Pitney Bowes Business Insight’s Risk Data Suite. The Risk Data Suite provides geospatial data about physical and historical insurance risks, as well as information for flood, fire protection, ground sinking, hurricanes, and severe weather. The products in the suite are used by property and casualty insurers who have pinpointed their policies by geocoding and then use risk data to evaluate the related risks.
The new solution can be implemented within the Pitney Bowes Enterprise Data Integration platform and MapInfo Professional mapping software to provide user-friendly interfaces for accessing and analyzing the data.
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