Insuring corporate real estate is not without risk. Limited and fragmented data and tools are just some of the pitfalls MS Amlin must be on alert for. In cocreation with the insurer, GIM developed a mapping application to capture insurance risks more efficiently, objectively and comprehensively.
Insuring the insurer
Insuring the fire and technical risks of commercial and industrial real estate requires thorough expertise. It's not surprising that everything revolves around the details. However, this is also where the challenge may arise. Koen Glorieux, Lead Underwriter Property at the Brussels branch of MS Amlin Insurance, emphasizes:
“Screening prospecting files is highly labor-intensive. Traditionally, experts need to assess technical risks through on-site visits and manual data collection. Challenges they may encounter include the lack of quality and the fragmented nature of the required data. Additionally, the variety of available tools and the absence of contextual insights about the location complicate the analysis. The potential impact of these issues is significant, as commercial real estate may become underinsured.”
To ensure optimal insurance coverage for commercial and industrial real estate, thorough preparation based on accurate data and tools is essential. Efficiency also benefits from this approach. Koen adds, “The higher the quality, completeness, and integration of preparatory data, the more targeted and faster we can approach on-site visits. This allows us to save time and focus on the specific aspects of the real estate to be insured.”
Mapping the building, surroundings, and company all at once.
To reap these benefits, GIM developed, in collaboration with MS Amlin, a digital map application in Belmap 360. “This allows us to quickly and easily assess the characteristics and surroundings of a building, to evaluate risks such as flooding and fire spread. The only information required for this is the address."
“The application also allows us to request additional details about the businesses in and around those buildings," Koen continues. "Certain business activities involve a higher risk of fire, explosion, or environmental pollution. The smoother we can map those out, the better the risk can be assessed.”
With full confidence
The golden combination – of high-quality Belmap data and seamlessly integrated business information – convinced MS Amlin almost instantly. However, other factors also played a role. Koen states, “MS Amlin and GIM have been working closely together for a long time. We were already familiar with the Belmap data, and we consider GIM as a loyal, flexible, and innovative partner.”
“Furthermore, our solution is extremely intuitive and user-friendly”, adds Koen. “The data visualization is clear, and you can easily query the map component by entering the address as a search query. Moreover, the 'search' is automatically filled in with the available addresses. All of this results in time and efficiency gains.”
From the finish line to the next step
The fact that the new application was developed in co-creation was the icing on the cake. Koen stated, “Thanks to the close collaboration between GIM and MS Amlin, we could communicate what truly makes a difference for us in product development. The feedback channels were continuously open, and GIM readily incorporated our input.”
“We are very proud of the end result,” concludes Koen. “Although there is no real endpoint. We already see potential additional applications to incorporate into the map application. Consider the integration of financial company data and additional imagery for making advanced selections. We also aim to deepen the so-called 'risk warning' services, for instance, in the field of risk accumulation. Without a doubt, this will be continued!”
About Belmap
Belmap is GIM's 3D digital twin of the built environment. It provides a comprehensive understanding of the exact location and characteristics of all buildings and addresses in Belgium, the Netherlands, and Luxembourg. Thanks to Belmap data and services, users gain a reliable representation of reality, streamline their operations, and develop a forward-looking location strategy.
About MS Amlin Insurance
MS Amlin Insurance S.E. is a specialist P&C and Marine insurer with local teams operating across markets within Europe and the UK. With a desire to provide an unparalleled service experience, MS Amlin Insurance S.E. works closely with brokers and businesses to deliver bespoke and digitally traded solutions to meet their insurance needs.