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Track: Insurance
Frances Correia
Colonial Fire and General Insurance
Corner of Duke and Abercromby Streets
Port of Spain,
TRINIDAD
Telephone: 809-623-2201
Fax: (809) 623-0925
Christian Evelyn
Using GIS to Improve (1) Risk Management and (2) Strategic Marketing at Colonial Fire and General Insurance Company Limited (COLFIRE)
Defining Issue: - Assessing the risk associated with properties located in congested business districts or other industry-classified "high risk" areas can become complicated when one considers the many factors influencing such decisions. - The marketing manager was dissatisfied with the company's inability to effectively analyze, understand, and leverage the geographic and demographic information stored on the company's customer database. The marketing manager was particularly interested in the areas of niche marketing, competitive analysis, customer demographical analysis, locational marketing, market research, target marketing and direct mail. - To satisfy a call to become more proactive in dealing with claims and to have more informed analysis of the relationship and dependency existing between claims, underwriting and marketing functions. GIS Solution: COLFIRE has developed a GIS application using ArcInfo to assist underwriters with the process of easily and effectively assessing potential effects of
disasters by looking at an accumulation of information available from the company's own database and other nationwide statistics of patterns past and projected. Additionally, COLFIRE has combined the company's database and the national census demographics into a meaningful, easy-to-use GIS application in order to make more informed decisions and to continually track historical market information and effects.
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