Leicester – 29th September 2010: Today Astrium launches the TerraSure Services range for the insurance market, delivering easy access to affordable decision support information through a dedicated online portal. Operated as a secure web service, the TerraSure Services enable professionals to gain access to flood and subsidence risk rating both at an individual property level and across their whole portfolio. Users are charged on the basis of the information displayed, giving businesses efficient access to data from anywhere in the country as and when it is needed.
Leading British insurers are now reaping the benefits of using spatial risk assessment in the actuarial and underwriting functions, particularly to assess flood and subsidence exposure across their commercial and residential property portfolios. Loss adjusters have long recognised the communication power of a map.
However, for smaller insurers and claims management companies, the investment necessary to provide access to large scale national datasets and desktop software applications is simply not viable.
With their reliance on historical information and past experience, insurers are ignoring the impact of a changing climate reshaping our landscape, resulting in new opportunities as well as increasing risks.
www.terra-sure.co.uk gives direct, immediate and efficient access to location based risk. Using an intelligent address searching tool, TerraSure pinpoints the property location and the user is presented with clear graphical reports illustrating the risk. The service offers a range of risk models, drawn from various expert providers including JBA Consulting, British Geological Survey and the Environment Agency.
TerraSure features JBA flood model data to help insurers manage the risk of surface water flooding
The risk rating can be presented in the context of backdrop mapping from Ordnance Survey, and imagery with overlaid perils extents. Multiple locations displayed on a map can be grouped to query the total insured value and exposure within a user defined area, such as street, town or city.
For claims management, TerraSure offers a powerful desktop survey tool: the ability to annotate large scale mapping and imagery with symbols, text, shapes and lines, measurement capabilities, including ground and building height, and an optional view of nearby peril risks. This can be used to provide a visual communications tool for surveyor instruction and insurer communication.
“Information about risk allows insurers to make better decisions about pricing, control their exposure in high risk areas and undertake proactive marketing in low risk areas. The estimated £3billion losses incurred in 2007 were largely attributable to surface water flooding – this risk is taken into account within the JBA flood model so that an insurance quotation for a chain of supermarkets, for example, can be priced in the knowledge of the consequences of each building being surrounded by paved car parking,” commented Gill Dickson, Insurance Business Manager, Astrium Services.
TerraSure also features risk models from expert providers such as the British Geological Society
All of the data is maintained as part of the TerraSure Services, ensuring that the latest available version is accessed each time the service is used. The service is managed from Astrium Services’ geospatial data hosting facility in Farnborough, Hampshire.
At launch, the TerraSure Services provide flood and subsidence risk assessment across Great Britain, but will shortly be extended to other perils and other countries.
Taking full advantage of the resources and skills offered by Infoterra and Spot Image, the Geo-information division of Astrium Services has become a recognised world leader in the geo-information market by offering decision-makers sustainable solutions to increase security, protect the environment and better manage natural resources. It has exclusive access to Spot and TerraSAR-X satellite data, while also calling on a full gamut of space data sources and airborne acquisition capabilities, enabling it to offer an unrivalled combination of Earth observation products and value-added services. Its portfolio spans the entire geo-information value chain.
By building on the synergy of Astrium Services, the Geo-information division that includes the Infoterra Ltd subsidiary can also develop innovative solutions combining Earth observation, navigation and communication applications at competitive prices.
Astrium, a wholly owned subsidiary of EADS, is dedicated to providing civil and defence space systems and services. In 2009, Astrium had a turnover of 4.8 billion euros and more than 15,000 employees in France, Germany, the United Kingdom, Spain and the Netherlands. Its three main areas of activity are Astrium Space Transportation for launchers and orbital infrastructure, Astrium Satellites for spacecraft and ground segment, and Astrium Services for comprehensive value-added end-to-end solutions of secure and commercial satcoms and networks, high security satellite communications equipment, geo-information fully integrated one-stop-shop offerings, and navigation services.
EADS is a global leader in aerospace, defence and related services. In 2009, EADS generated revenues of 42.8 billion euros and employed a workforce of more than 119,000.
For further press information, please contact:
Cheryl Billson, PR Infoterra – 07791 720460