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Insurance authority embraces innovative web mapping solution to present State assets to the reinsurance market
VMIA, Melbourne Australia

case-study-vmia

Business Challenge
The Victorian Managed Insurance Authority (VMIA) is a statutory authority that provides insurance for $100 billion in State assets including hospitals, schools, transport infrastructure, museums and parks.

With assets and an investment portfolio of $1.5 billion, VMIA has a reinsurance program with a group of reinsurers. Reinsurance helps to smooth income, making VMIA's financial results more predictable, while reducing the amount of capital needed to provide coverage.

The basis for reinsurance negotiation and portfolio analysis is a global system of zones known as Catastrophe Risk Evaluating and Standardising Target Accumulations (CRESTA). These zones take into account the wealth or 'richness' of an area, which can infer a greater cost to rebuild, and any risks from natural disasters such as floods, droughts, earthquakes and cyclones.

To present the State assets of Victoria to the reinsurance market, VMIA was looking for a web-based solution to capture, coordinate and present asset information in great detail. VMIA asked Geomatic Technologies (GT), an expert in web mapping solutions, for help.

Solution Overview
The first phase of the solution involved the geocoding of all assets that the VMIA insures. Geocoding is the process of finding the associated geographic coordinates (often expressed as latitude and longitude) from street addresses. Geocoding was carried out using VMAS, the Victorian Mapping and Address Service, a geocoding service developed by GT and already in use within State government departments. VMAS is able to cater for sites such as parks, bridges, and road networks that do not have specific street addresses.

With the geocoded addresses in hand GT commenced building an integrated web mapping solution incorporating Microsoft Bing Maps through a customised API or Application Programming Interface.

The solution was linked to VMIA's Risk Console. Risk Console is an insurance industry standard and assists in consolidating property values, claims, policy, and exposure information. It also provides the tracking and management reporting capabilities to enable insurers to monitor and control their overall cost of risk. Data from the global CRESTA zones were also integrated with the solution.

The resulting solution was an easy to use map interface that allows users to overlay data, group liabilities, list outstanding claims, and view their distribution.

Outcomes

  • The mapping solution improves presentation and delivery of insured assets, insurance risks and other insurance information, through an immersive user-friendly map interface.
  • The web mapping solution provides transparency to reinsurers on Victoria's State assets and associated insurance risks.
  • The web mapping solution showcases VMIA's information management expertise and its high levels of competency in insuring Victoria's State assets.
  • The flexibility of the solution was proven during the February 2009 Black Saturday bushfires when VMIA could quickly demonstrate to its reinsurers that the bushfires were not impacting on major State assets.

Images above from left to right
Birdseye view of Alfred Hospital, a billion dollar asset. The VMIA Bing Maps interface displaying the Alfred Hospital details in a map tip. The Marysville Primary School, an asset insured by the VMIA destroyed in the Black Saturday fires.