Sapiens and Addresscloud partner to improve geospatial risk assessment

Sapiens International Corporation, which provides software solutions for the insurance industry, announced a new partnership with cloud-based location intelligence firm Addresscloud.

The aim of this collaboration is to enhance insurers’ ability to assess geographic risk and make informed underwriting decisions by providing access to global geographic data.

This partnership provides several benefits, including precise geocoding to ensure accurate location data for insured properties, reducing errors in risk assessment and claims processing.

Underwriters will benefit from detailed property information, including proximity to hazards, which aids in comprehensive risk assessment.

Additionally, the collaboration improves backlog management by analyzing geographic risk concentrations, helping to reduce potential losses and optimize risk allocation strategies.

“We are excited to announce our partnership with Sapiens as it represents a significant step in transforming how insurers access and use location intelligence,” said Mark Varley, CEO of Addresscloud.

“Sapiens’ commitment to providing world-class technology solutions aligns perfectly with our mission. By integrating our services, insurers now have access to precise address matching, geocoding services and comprehensive
“By incorporating property and hazard information into their workflows, they increase their competitive advantage in the marketplace.”

By combining Addresscloud’s advanced geolocation and mapping services with Sapiens’ core P&C products, insurers gain a more robust and comprehensive solution.

This integration improves insights, decision making, workflow efficiency, and data accuracy, ultimately delivering a better user experience.

The use of hazard scores will also improve underwriting decisions and pricing strategies by assessing the probability and severity of various risks, such as flood, wind, fire and subsidence. (Subsidence means the gradual subsidence or sinking of the ground surface with minimal horizontal movement).

“Our collaboration with Addresscloud underscores our commitment to delivering innovative solutions that will move the insurance industry forward,” said Alex Zukerman, Sapiens Strategy Director.

“Sapiens offers a robust suite of advanced analytics and data integration capabilities that enable insurers to gain unique insights into geographic risks. By leveraging our comprehensive software solutions, insurers can achieve greater accuracy in risk assessment and pricing, ultimately leading to more effective risk management and improved profitability,” Zukerman concluded.