Suppose you're considering two developments: One is along the coast and requires a hefty investment due to the desirable location. The other is further inland, won’t be as expensive to build, and also doesn’t have as much profit potential as the one with sea views.
Or so it seems.
With a few taps on your screen, you quickly discover that the coastal property sits in a low-lying area prone to flooding. You also get an estimate of the amount of damage a previous hurricane levied on the area, recent insurance claim data, and the location’s crime rate. All this adds up to a hefty insurance price tag. Given the premium costs associated with developing in a coastal area, you opt for the less-risky, less-expensive inland development.
If you have Ventiv’s Geospatial Analysis solution, these and other insights are only moments away. Here’s how you can use it to detect and mitigate environmental risk.
Predict Weather- and Climate-Related Risks
Ventiv’s Geospatial solution is a powerful tool for risk analysis tool for construction companies and other organizations. It gives you real-time data pertaining to risks associated with:
- Major storms
- Flooding and low-lying areas
- Sea levels
- Land temperatures
You also have access to historical data. With this information in hand, you can assess the risks associated with each development you’re pursuing. For example, if a past hurricane caused a certain amount of damage in an area you have a development, you can use that data to gauge how much insurance coverage you need to carry.
Use Real-time Weather Data to Prepare for Disasters and Disaster Recovery
Because you have access to weather data in real-time, you can predict the effects of storm systems on properties you’re developing.
For example, suppose a significant snowstorm seems to be heading in your direction and you’re hoping to pour a concrete access ramp the following day. You can act as your own risk analytics company, using Ventiv’s Geospatial Analytics to assess the likelihood of the storm system dumping several inches of snow on your development.
Judging by the storm’s precipitation levels, speed, and direction, you can call in a snowplow, tell your workers to get their shovels ready, or run to your local hardware store and grab a couple of snow blowers. You could even have snowplows clear out your workers’ driveways—or that of the cement truck—to make their morning commute easier and keep the project on time.
Predict Risks Associated with Civil Unrest
Civil disturbances are another environmental factor that can impact the risks your investments are exposed to. Due to the noise, property damage, and tension these events cause, they can impact property values, making some investments more risky than others.
But with Ventiv’s Geospatial Analysis tool, you can get a visualization of the likelihood of civil unrest impacting an area you’ve decided to develop in.
Using this data, you can make sure you have the insurance coverage you need, so you can rest easy—even if demonstrators or the police damage your property.
For example, suppose you’re watching the news and a controversial vote is heading for the Supreme Court in about a month. Several groups in your area are ready and waiting to express their opinions---no matter which way the vote goes. You check out historical data showing the effects of civil unrest where your investments are and then click through to your insurance portfolio. Just to be on the safe side, you decide to increase your coverage by a few hundred thousand dollars.
When renewal time rolls around, you can use Ventiv’s renewal tools to decrease, increase, or maintain your coverage. Either way, the information you got from doing a geospatial analysis makes it a little easier to turn off the news and get some rest.
Make Confident, Data-based Decisions
Ventiv’s Geospatial Analysis solution is also a powerful strategic financial tool. Regardless of how enticing a project looks at first glance, there may be underlying risks that undercut its profitability.
These unseen factors come to light in seconds with geospatial analysis.
For instance, suppose the economy takes a hit and new construction dips. You can pull up Ventiv’s Geospatial Analysis software and uncover ways to hedge the risk of potential losses.
For example, you can identify areas that are currently in the path of raging wildfires. The people and businesses that could be impacted may need experienced construction professionals to repair their homes and offices. You can then establish an operational unit in some of the areas most likely to be impacted.
By leveraging Ventiv’s Geospatial Analysis tool, you can reduce and mitigate risk using a combination of real-time and historical data. This puts you in a position to build effective strategies for everything from the kinds of projects you take on to how to best allocate your insurance budget. Discover how Ventiv can give you a data-powered advantage by connecting with us today.
