Understand How the McMurray Wildfire Will Impact Your Portfolio

Photo Credit: Reuters via CBC News.

Photo Credit: Reuters via CBC News.

Since it began on May 1, the Fort McMurray wildfire in Alberta has torched at least 500,000 acres and destroyed about 1,600 homes and buildings. As the fire continues to burn, SpatialKey clients can access the widespread wildfire’s perimeter data from RedZone. In a matter of minutes, SpatialKey clients can identify their insureds’ locations in and around the wildfire.

Understand your assumed risk using RedZone’s perimeter data of the Fort McMurray wildfire within SpatialKey.

Understand your assumed risk using RedZone’s perimeter data of the Fort McMurray wildfire within SpatialKey.

RedZone’s perimeter data helps insurers form a more complete view of their potential exposure within what is likely to be the costliest natural disaster in Canada’s history. Early damage estimates range from $5 billion to $7 billion.

Quickly analyze the extent of your exposure in SpatialKey and identify insureds at risk inside or near the wildfire perimeter.

Quickly analyze the extent of your exposure in SpatialKey and identify insureds at risk inside or near the wildfire perimeter.

Firefighters are still working to control the massive blaze, which kicked off Canada’s wildfire season a few weeks earlier than usual, raising concerns about the drier summer months to come.

Just as troubling, wildfires are on the rise across western North America. Insurers are using SpatialKey to analyze their claims from past events—including the 2013 Colorado and 2015 California wildfires—to better understand potential impacts to their portfolio.

Are you ready for wildfire season? To learn how SpatialKey can help you respond faster to events and understand loss potential, contact us today.

New Hire Underscores SpatialKey’s Continued Commitment to Information Security

Senior Director Ken Morford is responsible for ensuring the company’s enterprise programs are adequately protected—and for aligning SpatialKey’s security initiatives with clients’ business objectives.

Information Security Officer Ken Morford is responsible for ensuring the company’s enterprise programs are adequately protected—and for aligning SpatialKey’s security initiatives with its clients’ business objectives.

We’re pleased to announce that we’ve hired Ken Morford as SpatialKey’s Information Security Officer. In this role, Ken is responsible for ensuring the company’s enterprise programs are adequately protected—and for aligning SpatialKey’s security initiatives with its clients’ business objectives.

Ken brings 15 years of experience to this senior position, drawing on his background in multiple areas of security, including architecture, risk, incident response, penetration testing, and application. Ken is also a Certified Information Systems Security Professional (CISSP), a Certified Information Systems Auditor (CISA), and a member of the Information Systems Audit and Control Association (ISACA).

Ken has a proven track record of defining, implementing, and monitoring security programs across a variety of industries, including banking and telecommunications. Before joining SpatialKey, Ken worked at Sutherland Global Services, where he led global incident response, vulnerability assessment, and architecture security teams.

In addition to ensuring SpatialKey continues to adhere to the security framework outlined by the National Institute of Standards and Technology (NIST), Ken will work with SpatialKey’s development team to consistently evaluate and improve security controls throughout its software and infrastructure ecosystem.

“I am excited to be working with a company that has the foresight to make security a priority,” says Ken. “When it comes to software these days, security is simply another word for quality.”

SpatialKey’s continued commitment to security is something its clients are sure to appreciate as well.

“Security is critical to our clients,” says CTO Brandon Purcell. “Having someone with Ken’s experience on board will not only help us calibrate our security processes, it will enable us to stay one step ahead of potential threats—and give our clients peace of mind about their businesses continuing to run smoothly.

JBA’s Houston Flood Footprint Now Integrated with SpatialKey

Photo credit: inverse.com.

Photo credit: inverse.com.

Following up on our post last week, SpatialKey is pleased to have integrated another flood extent from our data partner JBA Risk Management. The event footprint helps insurers form a more complete view of their potential exposure in a state hard hit with multiple severe storms in 2016.

JBA Risk Management’s footprint of April’s devastating flood shows the extent and depths of flooding in the Houston area.

JBA Risk Management’s footprint of April’s devastating flood shows the extent and depths of flooding in the Houston area.

The multiple expert data sources within SpatialKey can help you calibrate your underwriting guidelines and view of risk.

With several flood hazard data options out there, it’s a good idea to consider more than one. For example, FEMA National Flood Hazard Layer (NFHL) maps may not provide the best representation of risk in all cases. If you based your underwriting decision solely on the NFHL, you likely assumed more avoidable risk than you thought.

Seamlessly access hazard maps from JBA and FEMA to gain greater understandings of your assumed risk. This map shows how many risks in a FEMA X zone are exposed to potential flooding of greater than one foot.

Seamlessly access hazard maps from JBA and FEMA to gain greater understandings of your assumed risk. This map shows how many risks in a FEMA X zone are exposed to potential flooding of greater than one foot.

With SpatialKey, you can access additional data and increase your confidence and your underwriting profits. To learn more about how SpatialKey can help you compete more effectively for new business and ensure you collect adequate premium while maintaining a healthy flood portfolio, contact us today.

Houston Flood: 3 Critical Things You Need to Know

Photo credit: CBS Radio Houston.

Photo credit: CBS Radio Houston.

On April 18, an astounding two feet of rain fell overnight around Houston, Texas—a 1-in-200 year event, according to NOAA. CNN reported this catastrophic flooding has already killed seven people, flooded 1,000 homes, and caused an estimated $5 billion or more in property damage in Harris County alone.

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SpatialKey enables you to look at potential flooding from an event.

With such a large number of claims expected in a short period of time—and more rain on the way—getting your adjusters to assess policyholder damages is a tricky, yet critical, challenge. And, because private insurers are poised to begin underwriting flood insurance along with the NFIP, it’s also a reminder to take steps now to mitigate any future losses.

We’ve outlined three SpatialKey features clients are using to make their event response the best in the insurance industry and enable them to proactively select and price risks that mitigate the impact of claims to their business.

1) Flood Footprints from KatRisk Within 24 Hours

Less than a day after the onset of the flooding in Texas, SpatialKey users had access to a detailed flood footprint provided by our partner, KatRisk. Event footprints like these help you identify which policyholders may be affected, form a more complete view of potential exposure, and begin the process of deploying claims operations.

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SpatialKey is integrated with KatRisk and provides the data you need with unprecedented speed.

2) Easy Access to Data from Multiple Sources

In addition to KatRisk, you can access, compare, and understand multiple, expert data sources—including USGS, FEMA, and JBA Risk Management—all from within SpatialKey. So instead of searching different websites, you can see the data you need in context of the insured locations and calibrate your view of risk.

3) Tools to Enable More Effective Underwriting

SpatialKey also facilitates underwriting by bringing hazard data and metrics to the forefront of the decision-making process by displaying areas where past or future hazard severity may be indicative of loss potential.

What’s more, you can identify and add policies that capture adequate premium, allowing you to grow a healthy flood portfolio as competition for that business expands.

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To learn more about how SpatialKey can help you respond to events faster and underwrite profitable flood business, contact us today.