Royal & SunAlliance subsidiary More Th>n is to use geographical data from Ordnance Survey for a subsidence risk mapping system.
The system will be used to assess the risk of subsidence at individual properties. More Th>n said it would offer far greater accuracy than generic postcode banding.
The insurer already used Ordnance Survey data to assess flooding risks for individual properties.
The system will combine More Th>n's engineering risk techniques and historical claims data with Ordnance Survey's digital mapping data.
“The system will help improve the accuracy of home insurance premiums, building on what we're already doing with our flood model,” says Steve Kingshott, More Th>n's head of home insurance.
“It's all about setting the right premium for the right risk. We have a good long-standing relationship with Ordnance Survey as their data gives us the geographical intelligence we need to inform our decision making and benefit our customers.”
“Insurers are now much more aware of the benefits that geographical information can bring to the understanding of risk portfolios,” says Gavin Lewis, Ordnance Survey's strategic development manager for the insurance industry.
“Using our data to calculate risk at individual address level gives them greater potential to improve overall efficiency and offer enhanced customer service.”
Ordnance Survey's address data pinpoints more than 26 million addresses recorded in the Royal Mail postcode address file (PAF), said the company.
