At the recently concluded Insurance Association of Jamaica (IAJ) Business Conference, held at the Jamaica Pegasus Hotel in Kingston, Y Smart Data introduced its curated address database for the island of Jamaica, highlighting the benefits for the insurance industry.
In a presentation titled “Mapping the Future: Harnessing Location Intelligence for the Insurance Industry,” Y Smart Data’s CEO, Ray – St. Michael Williams highlighted how the company’s geotagged address database will enhance underwriting accuracy, reduce fraud, and enable insurers to offer more tailored services to clients.
Geotagging can ultimately transform how risk is assessed and how policies are priced within Jamaica’s insurance industry. Williams explained that local insurers will be able to leverage location intelligence to better manage risk.
Over the past four years, Y Smart Data has been building and refining a comprehensive address database for Jamaica, attaching geographic coordinates to each address to provide the financial sector with reliable and actionable insights.
During the presentation, Y Smart Data showcased a map that categorized real estate listings by value, illustrating how geographic areas of affluence and risk can be identified across Jamaica.
Williams emphasized that this initiative will help insurers comply with the Jamaica Data Privacy Act, which mandates that data controllers maintain the most accurate and up to date client information, including addresses. Additionally, the presentation outlined how customers will benefit from more accurate pricing, enhanced service, and faster claims processing.
Y Smart Data aims to work closely with the IAJ to drive these advancements, ultimately transforming how risk is assessed and policies are priced within Jamaica’s insurance industry.
By standardizing and geotagging Jamaican addresses, local insurers can align their risk assessment models with international best practices.
Williams stated, “By integrating precise and granular data with advanced analytics, we can provide insurers with unparalleled insights, enabling smarter, more informed decision-making. This shift towards Location Intelligence not only enhances operational efficiency but also creates new opportunities for innovation and growth in the face of 21st century challenges.”
Y Smart Data’s initiative is designed to empower various industries in Jamaica to leverage location intelligence, an advanced approach already adopted by developed countries to enhance products and services, such as insurance pricing and risk management.
The company highlighted that insurers in other markets are using geotagged data to accurately assess risks, such as susceptibility to flooding, crime, or natural disasters, and to set premiums accordingly. However, Jamaica has struggled to fully harness available data due to inconsistent and incomplete address records.
Williams noted, “Jamaica has yet to fully capitalize on the data at our disposal because of the fragmented and incomplete nature of address records”. He added that Y Smart Data’s initiative is poised to elevate Jamaica’s insurance sector into the future, where data-driven insights lead to smarter, more competitive risk management.
The IAJ Business Conference also addressed other key issues, including the impact of climate change on insurance, cyber risks, artificial intelligence, and data privacy. Among the key takeaways was the need for better address data management, which was presented as an immediate step the Jamaican insurance industry can take to navigate these global shifts.