E-trading platform to integrate location-based peril information
TROY, N.Y. — (BUSINESS WIRE) — October 5, 2011 — Pitney Bowes Business Insight, a global leader in customer data, analytics and communication software and services, has announced that DUAL Corporate Risks – a specialist insurance underwriter focused on SME and mid-market businesses and professionals – has selected Pitney Bowes Business Insight’s Risk Data Suite™ to enable location-specific risks, such as flooding, to be assessed by postcode or geographical coordinates.
DUAL Corporate Risks has designed an e-trading platform that enables brokers to sit with their business customers and produce instantaneous quotations tailored to their specific needs and based on the risk associated with their business’s location. Pitney Bowes Business Insight’s Risk Data Suite provides an integrated package of information on the perils associated with each postcode or set of coordinates, which brokers can use to make faster and more accurate decisions regarding rates and products.
Tim Grant, head of e-business at DUAL Corporate Risks, says, “We believe that the market is transforming, driven by online technologies such as e-trading. We are looking to develop a solution focused on professional indemnity and directors’ and officers’ liability, but with the option to extend the policy to include material damage and business interruption, providing cover from exposures such as flooding, theft and subsidence by location. Integrating Pitney Bowes Business Insight’s Risk Data Suite means that we can automatically draw on an impressive selection of underwriter-rated peril information.”
“We chose to partner with Pitney Bowes Business Insight because the company responded quickly to our brief, understood our requirements and ultimately built a pragmatic solution that really meets our needs. The Risk Data Suite is a plug-and-play solution that can be implemented rapidly with minimal technical support. It also requires no development at our end, which was another winning factor,” said Grant.
The Risk Data Suite is specifically designed for the insurance industry to expedite underwriting decisions, improve risk awareness and monitor exposure. It brings together geospatial, demographic and historical information on a variety of perils – including flooding, subsidence, crime and arson – which can then be flexibly integrated with insurance companies’ existing systems.
“We are delighted to add DUAL Corporate Risks to our growing list of insurance customers in the UK,” said Steve Deaville, managing director, Pitney Bowes Business Insight UK and ROI. “Strategically important in today’s economic climate, the Risk Data Suite will enable DUAL Corporate Risks to provide an e-trading platform that will help to minimize risk and manage reinsurance costs more accurately.”
About DUAL Corporate Risks
DUAL Corporate Risks is the UK operation of DUAL International. Established in 1998, DUAL International is the specialist underwriting arm of the Hyperion Insurance Group, focused on underwriting business critical risks including D&O, Professional Liability, Employment Practice Liability, Computer Crime and Fraud. DUAL International has become a well-established and respected leading underwriter with annual gross premiums of US$150 million and now employs over 120 people in the UK, Spain, Germany, Italy, Australia, Hong Kong, the Caribbean and the Americas.
About Pitney Bowes Business Insight
Pitney Bowes Business Insight is a software and services company that provides solutions to help organisations acquire, serve and grow relationships with customers and citizens. These solutions enable lifetime customer relationships by integrating data management, location intelligence, sophisticated predictive analytics, rules-based decision making and cross-channel customer interaction management to increase the value of every customer communication while also delivering operational efficiencies.
Pitney Bowes Business Insight is a wholly-owned subsidiary of Pitney Bowes Inc. (NYSE: PBI), a customer communications management technology leader. For more information, please visit www.pbinsight.com and www.pb.com.
Robert Hickling or Geraldine Fernandez, +44 (0)20 8971 6400