Teradata Corporation (NYSE:TDC) today announced that it has joined forces with CoreLogic, a leading provider of information, analytics and business services, to provide insurance companies with intelligent geospatial solutions that bring together the key business components necessary for underwriting processing, risk management, marketing and distribution management for optimal decision making.
This new solution for insurers will consist of a combination of advanced geospatial natural hazard analytics data from CoreLogic delivered on a Teradata Data Warehouse Appliance platform, which is optimized to house and analyze business data, historical policy data and other key components within the data warehouse. By combining historical and current customer data with risk data from CoreLogic, insurers have even more intelligence to help them better determine coverage at the right price.
The CoreLogic and Teradata solution provides insurers an effective way to accurately assess risk and price policies by integrating precise geocoding capabilities and geospatial data with business intelligence and analytic infrastructure. Consolidating disparate spatial analytical environments into an integrated enterprise environment means insurers will achieve consistent answers resulting in the following areas:
“Challenged by inconsistent data, analytic latency and the cost of multiple systems throughout the organization, insurers are often unable to accurately assess risks associated with their portfolios,” said Rick Morton, vice president, Financial Services, Teradata Corporation. “By implementing enterprise-wide solutions from Teradata and CoreLogic, organizations can better support key business decisions and may thus gain a competitive advantage.”
“We look forward to providing our customers with a consistent view of geospatial data that addresses the business problems associated with risk, regulatory compliance and revenue generation,” said Scott Little, vice president CoreLogic Spatial Solutions. “Our highly accurate parcel-based geocoding technologies and multi-hazard analytics, combined with Teradata technologies, can provide a game-changing strategy for pricing premiums accurately by assessing, classifying and valuing policies correctly.”
“Claraview delivers the integrated Teradata and CoreLogic solution to help insurance companies improve their risk profile by analyzing large volumes of data required to accurately understand the exposure of insured properties,” said Dan Ross, Claraview managing partner. “Claraview's Geospatial business intelligence solutions provide our clients with a "true" risk score by combining customer information with CoreLogic's proprietary data, allowing identification of the risks and exposure across the enterprise.”
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly, the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
Teradata Corporation (NYSE: TDC) is the world’s largest company solely focused on raising intelligence and achieving enterprise agility through its database software, enterprise data warehousing, data warehouse appliances, consulting, and enterprise analytics. Visit Teradata on the web at www.teradata.com.
Teradata is a trademark or registered trademark of Teradata Corporation in the United States and other countries.