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News and Information Article
- Group 1 Softwares advanced geocoding technology enables faster, more
accurate, and more efficient underwriting for home insurance policies -
LANHAM, Md., Nov. 29 // -- Group 1 Software, Inc., a Pitney
Bowes Company (NYSE: PBI), today announced that Homesite Insurance Group
has received a 2006 E-Fusion award for its Business Geographics
Underwriting system, which uses Group 1 Softwares GeoStan(TM) geocoding
technology to enable faster, more accurate, and more efficient
underwriting. The E-Fusion award is designated by a panel of judges at A.M.
Bests annual E-Fusion conference, held this year in Boston.
With GeoStan, Homesite is able to determine immediately whether a given
home, apartment or condominium is within a risk area for natural disasters,
such as floods, brushfire, hurricanes, high winds, and hail, as well as
other relevant underwriting criteria, including accurately determining
rating territories, among other factors. This information allows Homesite
to better manage exposure, make underwriting decisions, and respond
promptly to new policy applications.
"Our judges were impressed by this project," said Lee McDonald, vice
president of communications with the A.M. Best Company. "We had many
extremely sophisticated entries, so receiving the 2006 E-Fusion award in
the Underwriting and Pricing category is quite an accomplishment."
"Managing exposure concentration is one of the biggest challenges
facing underwriters in the homeowner insurance industry," said Manuel Rios,
vice president and chief underwriter for Homesite Group. "By using Group 1
Softwares geocoding technology, we are able to assess risk factors much
faster and more accurately. For our customers, this means real-time
decisions on policy applications, rather than waits of up to 30 days. For
Homesite, it means significantly improved business efficiency and
better-informed underwriting decisions."
Group 1 Softwares geocoding process begins by standardizing and
correcting address information, which is then translated into longitude and
latitude coordinates and combined with other geospatial data for assessing
risk with far greater ease and accuracy as compared to ZIP code or other
assessment methods. GeoStan technology combines USPS(R) postal data with
spatial data files from the worlds leading data providers to deliver the
most comprehensive set of address-level geocodes available.
"Congratulations to Homesite on this prestigious E-Fusion award," said
Steve Walden, vice president of Business Geographics for Pitney Bowes Group
1 Software. "Homesite is a perfect example of an industry leader that is
leveraging technology to drive their business strategy and growth. Were
proud to be a dedicated partner in support of Homesites drive for
underwriting precision and excellence."
In addition to the insurance industry, GeoStans high-definition data
is also used by telecommunications, transportation, finance, routing and
mapping companies, among others, for a variety of marketing and operational
applications, including identifying customers eligible for location-based
services and providing starting and ending locations for optimizing
delivery routes.
About Group 1 Software
Group 1 Software (http://www.g1.com) turns data into results, providing
innovative software solutions that enable our clients to better understand
and connect with their millions of customers, prospects, and partners.
Group 1 Software helps over 3,000 organizations maximize the value of
customer data to improve profitability, increase effectiveness, and
strengthen customer relationships, through consolidating, cleansing and
enriching corporate data, and generating personalized business documents
for multi-channel delivery, customer care and efficient business
processing. Our comprehensive Customer Communications Management (CCM)
solutions span from database to delivery, adding value to every aspect of
communication and allowing clients to integrate intelligence throughout
their mailstream. As part of Pitney Bowes (NYSE: PBI), a $5.6 billion
company, Group 1 Softwares solutions are utilized by leaders in the
insurance, financial services/banking, GIS/mapping, government, mail
services, retail, telecommunications, utility, and other industries,
including Entergy, ING, L.L. Bean, MapQuest, Microsoft, Safeco Insurance,
Wal-Mart and Wells Fargo.
GeoStan, Group 1, Group 1 Software, and the Group 1 logo are trademarks
or registered trademarks of Group 1 Software, Inc. Pitney Bowes and the
Pitney Bowes Process Bar Design are trademarks or registered trademarks of
Pitney Bowes, Inc. All other brand names and trademarks are the property of
their respective owners.
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