By: Newsroom - July 17th, 2013
BMS Group received a Special Achievement in GIS (SAG) award at the Esri International User Conference (Esri UC) in San Diego, California held July 10, 2013. This award acknowledges vision, leadership, hard work and innovative use of Esri’s geographic information system (GIS) technology.
BMS uses the Esri ArcGIS platform to provide a robust base and flexible architecture to support the customized solutions in its proprietary iVision™ product – a premier catastrophe risk assessment application that’s revolutionizing how insurance carriers understand and underwrite their risk, as well as how they respond to catastrophic events. BMS partnered with GeoDecisions, a global leader in the information technology industry specializing in geospatial solutions, in developing the solution.
The goal of iVision is to provide an easy to use catastrophe risk management system that clients can access online. iVision analytical features include weather analytics for claims response, BMS’ proprietary ScenarioView™ for stress test analysis, and RiskReveal™ location modeling for underwriting. These features allow carriers to reduce claims handling expense, manage large loss exposures and understand a policy’s portfolio loss correlation before it is bound.
Most spatial analytical products are built to be used by expert data analysts who understand how to navigate complex data systems. For insurance carriers, often it is the divisional or executive management teams who benefit most from these emerging tools, yet find them to be too cumbersome and complex to use. Often they aren’t able to dedicate the staff and resources needed to learn and understand the systems, and because the portfolio management features aren’t interlinked, users have an incomplete view of risk. “Competitive products are under-utilized because they can be difficult to navigate,” says Debra Grubb, Senior Vice President, Catastrophe Analytics at BMS. “Plus, iVision is a highly customizable solution, offering more useful information specific to our individual clients’ needs along with improved ease of use.”
“BMS’ iVision is part of a suite of analytical tools and services BMS offers clients,” says Julie Serakos, Executive Vice President at BMS and head of Catastrophe Analytics. “It is built on the latest technologies – including Esri ArcGIS – and is the kind of product insurance companies need today, to increase efficiency and effectiveness in managing their catastrophic risk.”
About the Esri UC
The Esri UC honors organizations from around the world that span industries including agriculture, cartography, climate change, defense and intelligence, economic development, education, government, health and human services, telecommunications and utilities.
“The SAG Awards identify the organizations and people who are using the power of geography to improve our world and drive change,” says Esri President Jack Dangermond. “At Esri, we are always deeply inspired by the passion and innovation of our users. They deserve recognition for both solving their communities’ greatest challenges and for their invaluable contributions to the continued evolution of geographic science.”
For more information about the 2013 Special Achievement in GIS Award winners, visit esri.com/sag
For more information regarding BMS iVision click here