View: How to assess climate risks with geospatial intelligence?

Insurers actively use real-time and historical geospatial intelligence in the underwriting and claims processes to assess physical and impact risks caused by climate change. From using satellite imagery to show how vulnerable your property might be to evaluating fire and flood risks, insurance uses the data in various aspects of the insurance process. Geospatial data also makes a massive difference in the synergies with parametric insurance, where the data indicates when the policy should kick in depending on an array of parameters. This provides a responsive cover for customers and minimizes maintenance costs for providers.

Augmenting data with insurance has opened gateways to effective policy covers in areas where insurance policies were vague. One such example is agriculture, where less than 20% of smallholders are protected worldwide due to a lack of verifiable insurance and costs of farm visits. But, with the emergence of Geospatial data, even smallholders in developing countries can now assess the needs and review claims.

Supply chains

It is tricky for supply chains to get real-time visibility of the entire funnel, even in the technological age. As most companies rely on internal data to map and track their routes, it leaves them more missing links than bringing order to the systems.

Geospatial intelligence plugs this gap, enabling companies to see which part of the process is most exposed to risks, plan ESG risks, identify any negative impacts and increase climate resilience.

Agtech companies

Geospatial data can help agtech companies identify problem areas to improve soil health, boost crop yield and assess climate change risks. Organizations practicing precision agriculture can use geospatial data to analyze land and get insights into soil characteristics. To evaluate climate risk accurately, companies combine historical and real-time data into geospatial analytics using predictive modeling to plan for natural disasters.

Transportation

A logistics company with a fleet of vehicles, courier services, or ride-hailing services requires a geospatial context with which the company can assess climate risks. Fleet management is a considerable challenge, especially when gathering data and putting it to use. It includes every aspect of the process, from analyzing reports to optimizing last-mile logistics.

Retail and consumer goods

Retail and Consumer goods companies are solely driven by their smart manufacturing unit. They need geospatial data to select the next most feasible step in the process. Retailers and restaurants are also location-driven businesses, so choosing the ideal place to establish a storefront is critical for success. Geospatial data, such as population density, weather, and air quality, can help predict financial outcomes for businesses in these sectors and shield them from climate change effects.

Summary

As the world grows more interconnected, datasets are leading the way towards sustainable and climate-resilient options. From being an educational resource to academicians to helping a marketer plan a campaign, geospatial intelligence has begun to take charge as a multi-faceted and most accurate way to assess climate risks. Historical, real-time, forecast geospatial intelligence is evolving rapidly and is being used in numerous fields to shield the systems from climate change and assess its risks.