TROY, N.Y. — (BUSINESS WIRE) — May 23, 2011 — Pitney Bowes Business Insight, a global leader in customer data, analytics and communication software and services, today announced the launch of Flood Risk Pro, a new Risk Data Suite™ bundle. This new product will enable National Flood Insurance Program (NFIP) and Excess Flood coverage insurers to build up-to-date flood risk information into their underwriting processes.
During 2011, the U.S. has experienced some of the worst flooding in recent history. Flooding along the Mississippi river in recent weeks forced more than 5,000 people from their homes in five states and inundated more than 2 million acres of farmland.1 The average annual U.S. flood losses in the past 10 years (2001-2010) were more than $2.7 billion. More than 5.5 million people currently hold flood insurance policies in more than 21,000 communities across the U.S.2
Flood Risk Pro provides timely and comprehensive flood zone and Flood Insurance Rate Map (FIRM) data from the Federal Emergency Management Agency (FEMA). This product will help NFIP insurers and Excess Flood coverage providers issue accurate flood insurance policies to their customers.
Flood Risk Pro strengthens Pitney Bowes Business Insight’s Risk Data Suite. The Risk Data Suite provides geospatial data about physical and historical insurance risks, as well as information for flood, fire protection, ground sinking, hurricane and severe weather. The products in the suite are used by property and casualty insurers who have pinpointed their policies by geocoding and then use risk data to evaluate the related risks.
The new solution can be implemented within the Pitney Bowes Enterprise Data Integration platform and MapInfo Professional mapping software to provide user-friendly interfaces for accessing and analyzing the data.
“Insurers are always looking to improve the quality and accuracy of their data in an ongoing effort to mitigate their loss exposure due to natural disasters” said Bill Sinn, Strategic Marketing Director, Pitney Bowes Business Insight. “It is imperative for NFIP insurers to have accurate data on hand throughout the underwriting process so that they can manage risk appropriately and provide customers with fair pricing.”
For more information and to get started with Flood Risk Pro please contact Pitney Bowes Business Insight sales team at 800-327-8627, or Email Contact, or visit: http://www.pbinsight.com/products/data/industry-specific-data/insurance/.
About Pitney Bowes Business Insight
Pitney Bowes Business Insight, a wholly-owned subsidiary of Pitney Bowes Inc. (NYSE: PBI), is a software and services company that helps organizations to acquire, serve and grow relationships with customers and citizens. The firm’s suite of customer communications management solutions integrates 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.
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Amanda Munroe, 617-779-1816