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INSURANCE

Assessing Risks and Rewards in the Flood Insurance Market

The Challenge

Complex factors drive insurance in flood zones across the United States, and a major global insurance company wanted to better understand the financial risks and opportunities involved in the flood insurance market. This meant understanding the size, scope and regional nuances of this market. Cognizant partnered with the company with the goal of providing an integrated view of the flood insurance landscape in the United States—not just who has coverage and where, but what factors are driving the market, including behavioral patterns.

Our Approach

We developed a solution illustrating the behavioral patterns and key drivers of flood insurance in the United States. This involved analyzing flood hazard maps developed by the National Flood Insurance Program as well as U.S. Census data and housing information available through Google Maps and Zillow. We then employed geospatial analysis—data science that examines people’s geographic location and then derives understanding from that knowledge—and utilized a machine-learning framework to interpret the analysis. Using application program interfaces (APIs), the data and intelligence were integrated into a user-friendly analytics application providing a single view of data from multiple sources.

A Clear View of the Marketplace Ensures Informed Marketing

An accurate view of the potential marketplace and the opportunities for business development enables the client to refine and efficiently market its products, and outpace its competitors. Cognizant helped the company identify an overall financial opportunity worth $3.3 billion, with an accuracy of 83%. A market potential of about $34 million has been identified for the state of New Jersey when accounting for key variables like population, home valuations and type of flood zone. The company is now well-equipped to fully develop its flood insurance business in the United States.

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83%

accuracy in identifying potential market

$3.3 billion

overall financial opportunity identified

$34 million

market potential identified in New Jersey alone

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