MapInfo® Location Intelligence keeps James River Insurance one step ahead of storms
TROY, N.Y., December 14, 2006 -- MapInfo Corporation (NASDAQ: MAPS), the leading global provider of location intelligence solutions, today announced that James River Insurance Company, an Excess and Surplus Lines insurance company, has implemented MapInfo location intelligence solutions to improve its underwriting practices, analyze potential catastrophe patterns and enhance its catastrophe management and claims response practices.
James River turned to MapInfo location intelligence to enhance its underwriting practices. With location intelligence, underwriters can look at a specific area or “catastrophe zone” on a digital map, see how much business is concentrated within a 25 mile buffer zone and get a clear, succinct picture of the potential risk.
In the aftermath of Hurricane Katrina, MapInfo location intelligence proved invaluable to James River’s underwriting efforts. By downloading the projected paths of a storm from the National Oceanic & Atmospheric Administration (NOAA) and overlaying them on a map with the locations of its insured properties, James River was able to clearly determine the probable losses associated with the event. This practice worked so well that claims adjustors actually got to some locations before the insured or before the agent knew there was a claim. The company also knew from its estimates that it would need to supplement its staff with independent inspectors and adjustors and this early insight enabled James River to strike contracts well before its competition.
“The insight garnered from MapInfo location intelligence enabled us to provide initial estimates of exposure and potential loss before the storm even hit the shore and then validate these through on-site inspections,” said Brian Haney, vice president, chief actuary, Actuarial and Reinsurance Department at James River Insurance Company. “In addition, we were able to greatly improve the speed of the claims process for our clients. Restaurant and bar owners who saw their Bourbon Street establishments decimated were able to get the claims process started much quicker than if they had relied on other insurance carriers.”
“As evidenced by James River Insurance, MapInfo enables insurers to use critical location information, predictive analytics and modeling to increase business profitability and performance by making better underwriting, claims management and sales and marketing decisions,” said Craig Bedell, director of Global Insurance Strategy at MapInfo. “From providing safeguards against overexposure to determining travel routes for onsite inspectors, MapInfo makes processes run more efficiently and effectively, resulting in benefits for the company and its clients.”
About MapInfo Corporation
MapInfo is a global company and the leading provider of location intelligence solutions, integrating software, data and services to provide greater value from location-based information and drive more insightful decisions for businesses and government organizations around the world. MapInfo solutions are available in 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, N.Y., MapInfo is on the World Wide Web at www.mapinfo.com.
MapInfo is a trademark of MapInfo Corporation and/or its subsidiaries and affiliates. Other product names used in this release are trademarks of their respective owners.
This press release contains forward-looking statements involving risks and uncertainties. Any statement not a statement of historical fact is a forward-looking statement, including without limitation statements concerning demand for and benefits of MapInfo products and integration of MapInfo products with existing solutions. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company's most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission under the heading "Risk Factors." MapInfo takes no responsibility to update any forward-looking statements.
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