GIS is a technology which, in its simplest terms, allows organizations to store location based data in one place, ask questions of that data and visualize this data in a map. Historically, GIS has been used by organizations focused on assets and infrastructure: government, oil and gas, utilities. That is changing. The popularity of mobile and cloud technology, has dramatically increased the demand for location technologies like GIS.
In this blog post we will consider the banking and insurance sectors. GIS is now being used to provide new ways to view and question data to provide new insight.
GIS Revolutionizing Banking & Insurance
Let’s look at one key area of focus in banking and insurance: that of property risk. Below we describe two scenarios and how GIS can be used to help make fast, accurate, actionable decisions.
Insurance GIS – Property Risk from Hail Damage
In 2016 a line of severe line of thunderstorms moved through the Dallas area. Weather Decision Technologies (WDT) tracked the storms collecting data, including hail size, from the storm cells. The image below shows this WDT data mapped in our GeoAppSmart app. The data is colour coded based on hail severity. Also mapped are insured homes (PIF), marked by orange points. At this snapshot in time, looking at the map, one can see those homes most impacted by the storm. With additional data one can start to predict potential impact as the storm progresses. One additional part to this GeoAppSmart app is a tool which combines home data with hail size impacting individual homes (data intersection). This is listed in the lower table and can be extracted into a spreadsheet.
Banking GIS – Property Risk Forecasting
Let’s consider a different scenario. You are a bank. You’d like to understand better how upcoming infrastructure projects and natural disasters might affect your investment portfolio. Below we map the proposed route of HS2 – a planned high-speed railway in the United Kingdom linking London, Birmingham, the East Midlands, Leeds, Sheffield and Manchester. – and flooding data combined with properties (purple, yellow and orange points). The map brings this data alive. Very quickly you can see those properties potentially most impacted by these potential risk factors. We could add other data here, and expand the risk insight “Show me our exposure based on property value”. GIS allows you to bring many different data-sets together, and ask mission critical questions of that data.
Author: Matt Sheehan
Matt Sheehan is a Principal at WebMapSolutions. Matt evangelizes GIS and location intelligence around the world through keynotes, articles, tweets and his books. Follow him on Twitter: