5 Ways SpatialKey Enhanced Insurance Analytics in 2015

Here we are again at the end of another thrilling and productive year. As we look forward to the holidays, we wanted to take a minute and look back at the ways we’ve worked to improve the way our clients do business throughout 2015.

Take a peek at the five ways SpatialKey has improved data visualization and analytics for insurers over the year – we can’t wait to show you what’s in store for 2016.

1. Data and Client Partnerships

Partnership

We’ve had the privilege of directly partnering with our clients RLIXL Catlin and ProSight Specialty to provide underwriting and exposure management solutions to their underwriting teams, enhancing their confidence in evaluating and writing business.

On the product side, our collaboration with CoreLogic brings their robust weather data to our Hail solution, and our expanded partnership with RMS adds support for EDM files within SpatialKey. Both of these efforts bring industry-trusted data and practices directly into SpatialKey, so our users have an even simpler workflow, giving them access to the data they need to make decisions now.

2. Enhanced Underwriting for Terror

We understand how important it is for insurers to assess terror when underwriting new business, so we focused a large amount of our time this year developing Terror Underwriting to help underwriters quickly understand risk, manage to underwriting guidelines, simplify their workflow and justify and document decisions for new business. Creating a workflow specifically for terror underwriting brings key pieces of data into one place, giving underwriters the tools they need for confident decision making.

3. Intelligent Integration

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There’s nothing better than having a workflow that’s completely integrated, which is why we’ve developed SpatialKey Bridge – a collection of ETL and API tools that help our clients integrate data at the level and pace that works for their organization. We’ll continually improve the ways in which our clients can work with SpatialKey because our goal is to make sure you spend time with all of the data you need in a simple and elegant place.

4. More Accumulations Models

The SpatialKey team has been hard at work enhancing all of our products, particularly our Accumulations app through adding Ring and Target Accumulations, which many of our clients are turning to for a deeper understanding of terror accumulations related to their current portfolio. Sadly, 2015 saw significant unrest across the globe, and we hope to help our clients manage their exposure proactively, before these tragic events occur.

5. On-time Event Response

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Later in 2015, we saw record-setting events including Hurricane Patricia, the flooding in Cannes and South Carolina, California wildfires and the earthquake in Chile. Many of our partners worked diligently to update key pieces of data so we could easily incorporate it into SpatialKey, enabling our clients to quickly and seamlessly assess the impact of these events to their portfolio and to identify and lend assistance to impacted insureds as quickly as possible. We continuously focus on keeping the most accurate pieces of information at our users’ fingertips, so events such as these don’t hinder action plans that must be put into place.

As always, we thank you for your work and partnership with us. If you haven’t yet worked with SpatialKey, please reach out – we’d love to bring you into the mix. Happy holidays to you and yours, and cheers to a prosperous 2016!

For more information, or to bring SpatialKey into your own organization, visit spatialkey.com

Hurricane Patricia Shaping up to be the Strongest Hurricane in History

Rapidly turning into a category 5 storm overnight, Hurricane Patricia is nearing the coast of Mexico with wind speeds of up to 200mph. Hurricane Ike topped out at 143mph, and Andrew at 175mph, leaving Patricia as the strongest hurricane ever recorded. With landfall expected this afternoon or evening, properties are bound to be destroyed, and insurers are preparing themselves for the impact.

Hurricane Patricia Wind Pattern - SpatialKey

50,000 people are being evacuated, and the town of Manzanilla is right on Patricia’s path. According to reports from CNN, a 30-foot storm surge is expected in Manzanilla’s bay, which is likely to cause flooding and landslides. Puerto Vallarta and Acapulco are the closest resort towns, and some are predicting that Puerto Vallarta will see winds up to 75mph – many businesses there are preparing for the storm by boarding and taping up windows. Our thoughts are with everyone bracing for such a devastating storm.

Wind speed visualized
Patricia’s winds are record-setting, clocking in at 200mph and holding steady – enough to carry an airplane and keep it in flight, according to World Meteorological Organization spokeswoman Clare Nullis. We can see here that a number of properties are vulnerable to the potential destruction from the combination of wind and water that this hurricane is predicted to produce.

Hurricane Patricia Potential Impact - SpatialKey

How this could impact your portfolio
With resort towns Puerto Vallarta and Acapulco threatened, insurers are likely to see some potential property claims after the storm clears. Understanding how much of your portfolio is exposed helps you figure out what to do next. With our direct integration with NOAA, insurers can immediately track the storm as updates are released. We’re here to help – contact us now.

SpatialKey Selected by ProSight Specialty to Advance Underwriting Practices Through Data Analytics and Visualization

London, October 20, 2015 – SpatialKey Inc. (SpatialKey) is providing ProSight Specialty Underwriters Ltd. (ProSight) with intuitive, geospatial analytics and visualization for its underwriting team and coverholders.

SpatialKey’s Underwriting solution provides analytics and visualizations tailored to the underwriting workflow, enabling ProSight and its coverholders to consistently and confidently underwrite across multiple commercial programs. Specifically, ProSight is accessing rich data analytics, coupled with high quality data from natural hazard experts, JBA Risk Management (JBA), to select and price risks, manage accumulations and calibrate underwriting strategy.

“Developing a complete understanding of risk when evaluating prospective insureds is an essential component of our underwriting practice as we proactively manage our portfolio at the point of sale. SpatialKey and JBA provide an integrated solution we can trust and help us gain competitive advantage, deliver underwriting profit and reduce downstream claims and reinsurance costs.” Rob Saxon, Underwriting Control Manager, ProSight

“We are delighted to have been adopted by ProSight and their coverholders as a best practice to enhance ProSight’s profitability and execute their underwriting strategy. We look forward to driving continued innovation through our products and partnerships as a result of the work we are doing with ProSight.“ Bret Stone, COO, SpatialKey

About SpatialKey

SpatialKey is reinventing the way insurers transform data into actionable intelligence. SpatialKey solutions amplify the value of insured data and expert content through unmatched user experiences and breakthrough geospatial business intelligence. Through focused analytics and agile visualizations, SpatialKey helps more than 100 insurers understand global risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. For more information visit spatialkey.com.

Analyzing the floods in France: how is your portfolio being impacted?

A couple of weeks have passed since the flooding along the French Riviera on October 3rd and 4th, and re/insurers are inundated with claims and working to quantify their exposure and lend assistance to insureds.

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Exceptional rainfall (up to 18cm in Cannes) was experienced in just a few hours along France’s southeastern Mediterranean coast, resulting in considerable flash flooding. The French-Alpes Maritime region police said that 20 people are confirmed dead, the Association Francaise de l’Assurance expects more than 60,000 insurance claims, and Caisse Centrale de Reassurance (CCR) estimates insurance industry losses of up to €650M ($740M).

JBA Risk Management has issued a detailed (10 meter resolution) flood footprint for this region that captures the flood extent and associated depth and velocity information.  According to JBA, “During surface water flood events, it is the combination of water depth and rapid water flow which causes the major threat to people and property.”  JBA’s footprint is now available for analysis within SpatialKey.

Here, we see the various depths of water throughout the impacted regions, providing insight into which insureds could potentially have the most damage. Understanding where the water is and how deep it goes, helps you prioritize where to focus first.

France_Flood_Depth_JBA

As we further analyze, we gain a greater understanding of how major cities are specifically impacted, with visualized summaries simplifying the data for us.

France_Flood_Summary_JBA

Get in touch
We know it’s your top priority to mobilize your teams to help your insureds. In collaboration with JBA, we’re here to help you assess the impact of the French Riviera floods as quickly as possible, so you can focus on aiding your customers. Reach out today to learn more.