In my third blog post comparing InsitePro™ to RiskMeter Online™ (read the first two posts here and here), I’ll be discussing breadth of coverage. A key advantage of InsitePro is the fact that it offers location-based risk information for any address, anywhere in the world.

Insurance is the epitome of an international business, with insurers and brokers frequently based across borders. Their customers, too, are frequently international companies based all over the globe. Therefore relying on risk software that can only be used to understand risk in one specific country has clear drawbacks in this industry.

The United States has the highly unusual benefit of having a standard national flood rating tool from FEMA — not many other countries have anything comparable. Flood risk is actually difficult to find in most of the world, including Canada and Mexico. Some of the most under-insured properties in the world are located in emerging economies (especially in Asia, but also in South America and Africa), where there is almost no flood information available — commercially or publically. InsitePro offers a global flood model, WorldFlood (link to whitepaper), that allows all users to serve insurers anywhere with portfolios exposed to flood risk anywhere.

Beyond flood, other perils are important on a global scale. Asia is very exposed to cyclone/wind losses (as is Europe, surprisingly), while earthquake losses have recently spiked in Chile and New Zealand. InsitePro offers global coverage of any peril; the relevant risk model simply needs to be identified and installed in the software to offer instant access to the geographical coverage of the perils that matter.

Natural catastrophe risk is not limited by borders. For insurers with business that lies outside of the United States, risk software should not be limited by borders, either. It’s as simple as that. 

Interested in learning more about the differences between InsitePro and RiskMeter Online? Download our free guide by clicking below.