- Company aims to become leading provider of location risk solutions in the UK insurance market
- Gamma Location Intelligence also plans to add to its team and roll out its Perilfinder™ offering to Europe, the Middle East and Africa
- Software solutions provider is enabling MGAM to deliver address-level risk assessment and help cover holders manage their business
- Perilfinder™ provides more accurate coverage and precise data which enables better decision-making
Gamma Location Intelligence, which provides risk assessment technology to Property & Casualty (P&C) insurance companies, predicts that it will generate £5 million in revenues in the UK market by 2025. This follows a deal the location risk solution provider has signed with MGAM, an industry leader which is transforming the landscape of the insurance market.
This new contract involves the deployment of Gamma Location Intelligence′s Perilfinder™ software solution. It ties in with the company′s aim to become a leading provider of location risk solutions in the UK insurance market and builds on its presence therein, underpinned by partnerships with suppliers such as JBA Risk, Ambiental Risk Management, BGS, Metswift, Terrafirma and Ordnance Survey.
Having opened an office in Manchester in 2020, Gamma Location Intelligence is also planning to add to its team over the coming years and roll out its Perilfinder™ offering to companies across Europe, the Middle East and Africa.
Its deal with MGAM, an independent Managing General Underwriter which provides a growing suite of insurance products to the SME sector, signifies a major step in this planned expansion over the next four years. Utilising Gamma Location Intelligence′s Perilfinder™, MGAM is enabling cover holders to manage their business more efficiently and effectively.
The enterprise-grade platform, which is currently being used by three of Europe’s top five Property & Casualty (P&C) insurers, delivers more accurate coverage of Britain and Ireland for MGAM and its partners. With high-quality data and map visualisation, more accurate address-level risk assessment is supported across the areas of flood, subsidence and crime.
In turn, this allows MGAM′s partners to identify location risk in seconds and provide more accurate quotes at property level. It also means that the provider can analyse specific risks or remove unnecessary ones, thus enabling better decision-making.
Furthermore, with quicker and easier access to information, Perilfinder™ boosts efficiency and streamlines operations. The easy-to-use, fully-customisable solution is also more cost-effective and has the ability to scale in line with the future requirements of MGAM.
Richard Garry, Chief Commercial Officer, Gamma Location Intelligence, said: “The insurance sector faces many challenges including how to access the right data at the right time to allow underwriters to make informed decisions quickly.
“That is precisely what Perilfinder™ delivers for MGAM – an insightful, customised platform which provides high-quality data. In turn, this allows the company to enhance its service offering for clients and drive business growth.”
Jason Anthony, CEO, MGAM, said: “Gamma Location Intelligence has provided us not just with an innovative software solution which enables us to rate our products and calculate premiums more accurately with more precise data, but has added significant value to the business.
“Their approach has been refreshing and their level of service is second-to-none. The team understood exactly what we wanted and tailored their already impressive solution to meet our specific and long-term needs. That is game-changing – in fact, it is industry-changing.”