geo-intelligence in the insurance industry€¦ · geo-intelligence in the insurance industry....
TRANSCRIPT
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GEO-INTELLIGENCE IN THE INSURANCE INDUSTRY
Image: used under license from Shutterstock.com
30. D-GEO Workshop in München18th June, 2015
Andreas SiebertCorporate Underwriting – Head Exposure Analytics & Geospatial Solutions
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Agenda
04Geospatial analyticsfor risk managers
03Geointelligence within the insurance value chain
02What does Geointelligence signify?
01Challenges for the insurance industry
05Innovative outlook and key-takeaways
Source: NASA
Image: used under license from Shutterstock.com Image: used under license from Shutterstock.com Image: used under license from Shutterstock.com
Image: used under license from Shutterstock.com
06NATHAN Live Demo
Image: used under license from Shutterstock.com
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Geointelligence and NATHAN 3Image: used under license from Shutterstock.com
Challenges for the insurance industry
01
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Herausforderungen der Industrie –Die größten globalen Geschäftsrisiken 2015
Allianz Global Corporate & Speciality, 2015
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Geophysical events(Earthquake, tsunami, volcanic activity)Meteorological events (Tropical storm, extratropical storm, convective storm, local storm)
Hydrological events(Flood, mass movement)
Loss events
Climatological events(Extreme temperature, drought, wildfire)
Selection of catastrophes
NatCatSERVICE
Loss events worldwide 2014 (980) Geographical overview
© 2015 Münchener Rückversicherungs-Gesellschaft, Geo Risks Research, NatCatSERVICE – As at October 2014
DroughtBrazil, Decemeber – March
DroughtChina, July – August
Winter damageJapan, 7 – 16 February
Winter damageNorth America, 5 – 8 January
DroughtUSA, January–September
EarthquakeUSA, 24 August
EarthquakeChina, 3 August
FloodsChina, 11–20 July
FloodsChina, 24–28 May
FloodsIndia, Pakistan,3–10 September
FloodsEurope, 13–30 May
FloodsItaly, 31 January–11 February
FloodsUnited Kingdom,December–February
Severe stormsEurope, 8–10 June
FloodsUSA,11–13 August
Severe stormsUSA, 12–14 April
Hurricane GonzaloCarribean, 8–10 June
Cyclone HudhudIndia, 11–13 October
Severe stormsUSA, 18–23 May
Severe stormsUSA, 2–4 April
Severe stormsUSA, 27 April–1 May
Severe stormsUSA, 3–5 June
Typhoon RammasunAsia, 11–22 July
Source: Munich Re, NatCatSERVICE, 2014
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Rechtliche Veränderungen
Erhöhte Risikotransparenz erforderlich (Solvency II, BAFin)
Veränderter Wettbewerb; neue Marktteilnehmer; Marktstagnation oder –rückgang
Marktschwankungen (Wechselkurse)
Kosten- und Effizienzdruck im Kerngeschäft
Demographischer Wandel
Cyberkriminalität
Globalisierung und Rückwirkungsschäden (CBI, contingent businessinterruption)
Herausforderungen der Versicherungswirtschaft (non location-based)
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Kumulkontrolle: früher vor allem aus der Sachversicherung, heute zunehmend durch weltweite Abhängigkeit von Risiken untereinander auch Haftpflichtrisiken
Beobachtung: Zunahme / Intensität von Schäden aus Naturkatastrophen
Zunahme von Wertekonzentrationen in risiko-exponierten Gebieten (Kumule)
Erhöhte Risikotransparenz gefordert (Naturgefahren-Modelle)
Komplexe Wechselwirkungen und Erhöhung der Empfindlichkeit in den Wirtschaftsprozessen (z.B. Lieferketten schwer zu modellieren)
Veränderungen in der globalen Risikolandschaft: neue, bisher unbekannte z.B. durch Technologiewandel, Pandemien, Überalterung von Infrastrukturen)
Herausforderungen der Versicherungswirtschaft (location-based)
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ContinentOveralllosses
in bn US$
North-
America1.500
South-
America126
Europe 608
Africa 44
Asia 1.700
Australia/
Oceania138
43%
10%
28%8%
38%
5%
Differences in insurance „density“Economic vs. insured losses
Overall losses Insured losses
© 2015 Münchener Rückversicherungs-Gesellschaft, Geo Risks Research, NatCatSERVICE – As at February 2014
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Hot Spots and Accumulation IssuesMonitoring of value concentration areas (e.g. industrial estates)
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Better understanding of risk vulnerabilitiesExplore vulnerability interactively in the map
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Supplier A Supplier B Supplier C
Consumer A Consumer B Consumer C
Sub-Supplier
ProductionEnergy
Sub-Supplier Sub-Supplier Sub-Supplier Sub-SupplierSub-Supplier
Source: Andreas Siebert, 2011
Better understanding and risk transparencyof supply chains
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Increasing complexity of our business Interdependencies in global trade and supply chains
Source: Marsh Inc., 2011
Joint Venture
Marketing
Operational Risks
Loss ofEmployees
Compliance Issues
Products QualityContamination
Strategic Risks
Drop in Sales/Revenue
Legislation/RegulationChange
Customer Chumby Rumor
Exchange RateFluctuation
Interest-RateFluctuation
Lost of Reputation/Brand
Variability ofStock Price
IntellectualProperty
Financial Risks
Hazard Risks
Earthquake & Tsunami
Going Concern
Supply Chain
Sales Channel
Health & SafetyEvents
Credit Rating
Cash Flow
Liquidity Assets
Assets Value
AccountManagement System
Product RecallOccupationalAccident
Stoppage of PublicUtilities Supply
Liability
ContractualLiability
Contamination
NuclearPlant
Human Resources(outflow)
External
Business Interruption
Internal
A catastrophe is triggering multiple losses along the value chain
Property DamageLawsuit
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Geointelligence and NATHAN 13Image: used under license from Shutterstock.com
What does Geointelligencesignify?
02
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What does Geointelligence signify?Business intelligence & Geointelligence
Insurance businessData (Big Data)
Business intelligence(can be any insurance
information)
What?
Who?
How many?
Geointelligence(can be any spatial
information)Where?
Holistic approach
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Insurance data (liabilities distribution)
Principle of GIS is connecting data sources
Claims and event information
GeospatialAnalytics
Socioeconomic data
Hazard data
Improved risk transparency
Aerial and satellite imageryPost codes Number of risks Sum insured EUR
70 267 48.636.00071 398 83.308.00072 370 80.104.00073 299 61.532.00074 241 41.696.00075 180 38.214.00076 561 114.108.00077 406 79.198.00078 248 34.268.00079 624 128.662.000
Mobile-tools (with GPS)
Source: Munich Re
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The importance of Geocoding Accuracy
Acc
urac
y
Address Point
Street Address Interpolated
Postal Code Centroid / City Centroid
Source: Munich Re, GfK Geomarketing
Source: Munich Re, GfK Geomarketing
Accuracy depends on your business needs and availability of client data
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I. Nerd Phase: Experts only
II. Touch Phase: Supporters join
IV. ROI Phase:Return can be measured
III. Integration Phase:Community forms
BusinessGIS
GISBusiness
BusinessGIS
Business
GIS
Herausforderungen der Geo-Community4-Phasen der GIS-Integration
Quelle: Andreas Siebert, Munich Re, 2014
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03
Source: Munich Re
Geointelligence within the insurance value chain
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High demand of geospatial services and analyses across the organization…
GISProduct
Actuarial
Portfolio Management
ClaimsMarketing /
Sales
IT / Data Management
LegalGIS
Geographic Information Systems (GIS) aligns teams by facilitating communication and understanding
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Geointelligence in the insurance businessValue chain
Product development
Sales and marketing
Risk management
Claims management
Risk identification
Risk assessment
Modelling, rating,
budgeting
Risk accumulation
control
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Single risk identification
Geocoding – Visualize your single risk location
Source: Munich Re
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Geocoding – Visualize your global distributed Portfolio
Multi risk identification
Source: Esri, DigitalGlobe, GeoEye, i-cubed, USDA, USGS, AEX, Getmapping, Aerogrid, IGN, IGP, swisstopo, and the GIS User Community
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Worldwide single risk evaluation
Single risk assessment
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Worldwide multi risk evaluation
Multi risk assessment
EQ Locations Sum PD TSI LoadingZone 0 120 7.163.044.720 0
Zone 1 70 3.970.989.382 ?
Zone 2 43 1.849.545.546 ?
Zone 3 17 556.629.741 ?
Zone 4 4 7.922.628 ?
Sum 254 13.548.132.017
Quantitative evaluation of exposed locations using the example of earthquake hazard
Example for earthquake is transferable to all Natural Hazards!
Source: Esri, DigitalGlobe, GeoEye, i-cubed, USDA, USGS, AEX, Getmapping, Aerogrid, IGN, IGP, swisstopo, and the GIS User Community
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Risk = F (Hazard, Vulnerability, Exposed Values)
Loss experience
Set ofscenarios
Statistics
Expected loss / loss occurrenceprobability
Risk curve
Individualexposure
Scientific input
Vulnerability functions
Hazard informationSource: Gfk Geomarketing, Munich Re
Value distributionSource: Gfk Geomarketing, Munich Re
Modelling, rating, budgeting
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2000Number of photovoltaic installations: ~ 1900 units
New technologies are creating new risk accumulationsIdentification of „unknown“ accumulation
Source: esri Source: esri
Risk accumulation control
Photovoltaic systems in South-West Germany
2010Number of photovoltaic installations: ~ 110.000 units
Source: Munich Re
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Geointelligence in the insurance businessValue chain
Product development
Sales and marketing
Risk management
Claims management
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Quantitative loss estimation example
Number of Risk Locations Percentage
Affected by Irene 14.000 58 %
Not affected by Irene 10.000 42 %
Sum 24.000 100 %
Claims loss estimation
Demo Footprint Analysis Hurricane Irene (August 2011)
Source: esri
Source: Munich Re
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Verification of reported claims with event footprints
Short term estimation of portfolio losses after catastrophes
Visualisation of reported claims
Fraud prevention: identification of potential cases of fraud (using footprints)
Using event footprints to optimize claims management
Claims management
Source: Munich Re
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Geointelligence and NATHAN 30Source: NASA
Geospatial analytics for risk managers
04
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Location based services for risk managersMain GIS-application fields at Munich Re
Internal Solutions„visible“
RiskMapper
Internal Solutions„invisible“
GeoData-Services
Client Services
NATHAN
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RiskMapper: The data dashboard allows to combine many underwriting information
Portfolio Data
NATHAN Hazard Maps
Industrial Parks
Event Footprints
Critical Infrastructure
IndustryLocationDatabase
+
From data generator to data orchestrator and solution provider!
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RiskMapper: Functionalities Portfolio Upload (Aggregated data or treaty business)
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RiskMapper: ApplicationsVisualization of property exposure data with density maps
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RiskMapper: ApplicationsHazard analysis of industrial facilities to identify hot spots
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RiskMapper: Functionalities Use real-time data to improve the „risk radar“
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RiskMapper: ApplicationsMonitoring of industrial estates in flooded areas
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RiskMapper: Functionalities Create surface profiles to identify the flood impact
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RiskMapper: ApplicationsApplying event footprints for claims assessment and estimation
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1978 / 1988 / 1998 / 2009 / 2011 2012 / 2014 / 2015
Munich Re‘s NATHAN Risk SuiteFrom Wallmaps to innovative and fully integrated mobile solutions
Source: Munich Re
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NATHAN Risk Suite toolsNATural Hazards Assessement Network
NATHAN Risk Suite
NATHAN World Map of Natural Hazards
NATHAN Mobile
NATHAN Single Risk
NATHAN Portfolio
Risk
NATHAN Premium
NATHAN Risk
Consulting
NATHAN World Map of Natural Hazards The wall map illustrates the natural hazards distribution.
NATHAN MobileThe tool provides mobile NATHAN access for single risk assessment on address level.
NATHAN Single Risk and Portfolio Risk The online tool supplies NatCat risk assessment for single and portfolio risk on address level via Munich Re’s client portal.
NATHAN Premium is the premium service for NatCat portfolio risk assessment tailored into clients’ interface.
NATHAN Risk Consulting: personal expert know how to help introducing geointelligence at clients’ site.
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NATHAN Portfolio Risk AssessmentOnline PDF Report
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US Single Risk Location in St. LouisRiverflood
Source: JBA, Munich Re | DigitalGlobe, GeoEye, Microsoft, CNES/Airbus DS | Esri, HERE
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To further expand NATHAN‘s competitive position various innovations are planned for 2015
Source: Munich Re
Most important improvements realized in 2015
New Risk Index for Earthquake, Storm and Flood
Planned update of global flood maps
Planned major innovations 2016
Major NatCat loss event Footprints for lossestimations
Mobile solutions
Source: JBA Risk Management, GfK GeomarketingNew heat maps and interactive circle for worldwide exposure and accumulations control
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Significant upgrade of the Global Flood Maps
1. New NATHAN flood maps (rivers) remodelled using full 2D hydraulic model and DTM NEXTMap 5m DTM data – resampled on 30m
2. New NATHAN flood maps now include all rivers (no minimum catchment size), using 2D hydraulic modelling approach on DTM
Current NATHAN flood maps [100yr RP] Planned flood maps [100yr RP]
Source: ESRI; JBA Source: ESRI; JBA
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Source: used under license from Shutterstock.com
Innovative outlook and key-takeaways
05
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Datengewinnung einst…..
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…immer mehr Daten
Datengewinnung heute…..
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…immer genauere Daten
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…immer schnellere Datenverfügbarkeit
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Quelle: http://www.welt.de/wissenschaft/article122957094/Was-Drohnen-alles-koennen-aber-nicht-duerfen.html
…und neue Technologien
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Neue Plattformen und Lösungsarchitekturen
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Management Awareness und Commitment (“innovative big data project”)
IT-Unterstützung und Geo-Knowhow
Workflow-Verständnis bei den Geospatial-Experten
Einfache Integration der Geo-Lösung in bestehende IT-Landschaft
Datensicherheit auch bei Geodaten (Cloud-Diskussion)
Geodaten-Verfügbarkeit und –standards; Qualität und Kosten
Anwenderfreundlich – “Underwriter-tauglich”
Erfolgsfaktoren für “Geospatial Underwriting”
Geospatial-Technologien unterstützen sehr gut das Geschäftsmodell der Branche.Big Data und Industrie 4.0 können jetzt zum endgültigen Durchbruch führen.
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Image: used under license from Shutterstock.com
06 NATHAN Live Demo
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NATHAN Live Demo
Getting started: Log-in via nathan.munichre.com
Source: Munich Re/Bild: Martin Hendriks/Getty Images
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Thank you very much for your attention!
Andreas [email protected]
© 2014 Münchener Rückversicherungs-Gesellschaft © 2014 Munich Reinsurance Company Image: used under license from Shutterstock.com
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Disclaimer
Münchener Rückversicherungs-Gesellschaft (Munich Reinsurance Company) is a reinsurance company organised under the laws of Germany. In some countries, including in the United States, Munich Reinsurance Company holds the status of an unauthorised reinsurer. Policies are underwritten by Munich Reinsurance Company or its affiliated insurance and reinsurance subsidiaries. Certain coverages are not available in all jurisdictions.
Any description in this document is for general information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product.