Enhancing Insurance Risk Assessment: The Protection Class Calculator by GCS and WSRB
The Protection Class Calculator (PCC), developed by GCS for the Washington Survey and Rating Bureau (WSRB), utilizes embedded GIS web service logic and data to deliver highly accurate protection class scores to insurance clients in near real-time.
Problem Statement
In 2003, WSRB approached GCS to design and implement an advanced Protection Class Calculator that features an elegant user interface and utilizes a complex algorithm. The PCC is essential for determining risk for commercial properties and producing scores on a scale from 1 to 10. WSRB sells these calculated PCC scores to leading insurance companies worldwide that underwrite property in Washington State.
WSRB required the development of an automated Service-Oriented Architecture (SOA), integrating Microsoft .NET and Esri ArcGIS technology, alongside custom GCS code. This solution needed to be readily accessible and seamlessly integrated within their insurance risk assessment system.
Innovative Solution
GCS successfully delivered the Protection Class Calculator system, incorporating embedded GIS web service logic and data. This implementation enabled WSRB to provide highly accurate protection class scores to their clients efficiently.
Key Benefits:
- Optimized Workflow: The SOA streamlined WSRB’s operational processes, reducing labor costs.
- Increased Sales: The new system allowed WSRB to sell more protection class scores at a faster rate to their insurance industry customers.
- Long-term Partnership: GCS has maintained a strong working relationship with WSRB over the past decade, leading to multiple upgrades and new versions of the PCC system, while also pursuing additional engagement opportunities with the client.
Conclusion
The Protection Class Calculator exemplifies how GCS leverages cutting-edge technology to enhance the efficiency and accuracy of insurance risk assessments for organizations like WSRB. By integrating GIS capabilities and custom software solutions, GCS continues to support the insurance industry’s evolving needs in Washington State and beyond.
About Washington Surveying and Rating Bureau (WSRB): Your Trusted Source for Objective Risk Assessment in Washington State
The Washington Surveying and Rating Bureau (WSRB) is an independent, not-for-profit public service organization dedicated to serving the residents and insurers of Washington State. Our mission is to provide accurate, objective data on various risk factors that impact insurance underwriting and pricing.
What We Do
At WSRB, we empower insurers and their customers by delivering comprehensive risk assessment services. Our data-driven insights enable insurers to efficiently evaluate risk, ensuring that policyholders receive fair and non-discriminatory insurance rates.
Key Benefits of Our Services:
- Objective Risk Evaluation: We provide unbiased data on multiple risk factors, facilitating informed decision-making for insurers.
- Enhanced Insurance Practices: Our services support insurance companies in accurately assessing risk, leading to improved underwriting practices.
- Peace of Mind for Policyholders: By ensuring that insurance rates are fair, we help policyholders feel secure in their coverage choices.
Why Choose WSRB?
With a commitment to transparency and accuracy, WSRB stands as a reliable partner for both insurers and policyholders in Washington State. Our dedicated team continuously works to enhance the efficiency of risk assessment, ensuring that the insurance market remains fair and equitable for all.
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