RMSI, a global geospatial and software services company has announced that its innovative product ‘PIER’ has been honored with the ‘Technology Initiative of the Year’ award, at the 15th Asia Insurance Industry Awards held recently in Singapore.
This year the awards were keenly contested, with over 500 entries from leading players across 15 award categories.
RMSI’s ‘PIER’ is said to be India’s first GIS Based Comprehensive Risk Assessment Tool at postal code resolution. Users, with the help of this web-based application, are provided with an integrated view of exposure, hazard and business data at postal code resolution for the entire country.
Using the latest GIS technologies, PIER helps insurance companies improve identification, assessment, pricing and management of risk across various lines of business.
Officials said that PIER also enables insurers to create risk indices for various hazards at postal code resolution, and these indices help companies develop risk-based ratings.
In a release, Anup Jindal, chief operating officer of RMSI said “It is indeed a great privilege to be conferred the Technology Initiative of the Year award. This award is an affirmation of the value of innovation both within our organization and across the industry. We will continue to innovate and bring smarter products to market.”
PIER also offers a comprehensive risk profile report for every postal code in India, helping underwriters better understand the location, underlying geography and susceptibility to natural hazards.
The jury for the Asia Insurance Industry Awards consisted of a distinguished panel of 29 sterling industry leaders, practitioners and regulators from Asia and around the globe.
In related news, a project providing a cloud computing solution to geospatial data for BP Deep Water Horizon event has been selected as the Grand Award winner in the 5th Annual MAPPS Geospatial Products and Services Excellence Awards.