Ring and Target Accumulations help you avoid and manage excessive exposure to terrorist activity

SpatialKey Accumulations Rings Image

It’s important for insurers to have an advanced understanding of their exposure concentrations as well as concentrations where terror attacks are most likely to occur, so they can analyze their current book of business effectively and apply guidelines to select new business as it is underwritten. We’ve developed Rings and Target models within our Accumulations app to assess any type of accumulation, but many of our clients are turning to these models for a deeper understanding of terror accumulations related to their current portfolio or new business that they’re evaluating.

The Rings and Target accumulation models are powerful tools that help you:

    • Identify peak accumulations of exposure within your portfolio.  Many legacy solutions leave gaps that SpatialKey has been able to fill with its industry-leading methodology, so you can manage and write with confidence, knowing no potential accumulations have been missed.
    • Analyze your portfolio relative to points of interest.  Load any set of location references to analyze concentrations against, like a dataset of high-interest properties, points of interest, historical terror claims or activity, etc.
    • Look at a terror target dataset (locations identified as having terrorism risk such as skyscrapers, churches, train stations, etc.
    • Understand event history (e.g. terror target history, tornado touchdowns, claims experience points, etc.)
    • Evaluate accumulations against your own portfolio locations – run an accumulations analysis by drawing a ring around each point in your own dataset
    • Understand the composition of each accumulation by any attribute of your data and understand which policies and locations contribute to it

Rings and Targets, along with our other models in Accumulations, gives you the option to run your analysis based on specific metrics in your own dataset, on exposed limits, or on a specific area of interest within custom geographic extents. Don’t ignore the impact terror can have on your portfolio and get ahead of it by implementing these new models today. Reach out and we’ll get everything set up for you: sales@spatialkey.com

 

 

Manage your exposure concentrations with confidence

We’ve been hard at work enhancing our Accumulations app, so you can confidently assess and manage risk across your portfolio. Accumulations delivers analytics and visualization to help you quickly identify peak portfolio accumulations, understand risk composition including policy and location drivers, and monitor capacity utilization and diversification. Leverage these analytics to monitor and adjust your underwriting strategy, evaluate bomb blast scenarios, and understand the impact of acquisitions.

Our latest addition, Ring Accumulations, brings best-in-class analytics and visualization that transform your portfolio data to help you effectively manage risk.

Ring Accumulations helps you monitor your use of capacity

Does your organization set capacity thresholds to help you write better business? Within Rings, you can create reusable scenarios, which include the definition of ring size, geographic extent, and a minimum loss threshold. You will be able to visualize and interrogate the resulting TIV or Exposed Limit accumulations to gain insight into adverse accumulations and further investigate each zone’s compositional drivers. Use these analytics to identify opportunities to better optimize your use of capacity.

Quickly understand adverse terror accumulations

Evaluate multiple bomb blast scenarios of varied size and damage potential.  Using SpatialKey’s refined methodology and de-duplication algorithms, you are assured that potential terror exposure is not missed.  Use this intelligence to eliminate gaps in understanding, identify top at-risk policies, and place moratoriums in areas of heightened potential exposure.

Reporting to rating agencies is now even easier

Use the results of a Rings analysis to determine and report your top accumulations zones to rating agencies, like AM Best.

Rings, coupled with the already available Grid and Shape accumulation models, gives you a comprehensive suite of intelligence to help you develop risk management strategy, respond to catastrophes and analyze concentrations in exposure, modeled loss and experience data.

Coming this summer

Target Accumulations to help you identify accumulations relative to any reference dataset, like terror targets, points of interest, and acquisition candidates.

Get in touch today to activate this new model. 

SpatialKey Selected by RLI for its Underwriting and Exposure Management Operations

SpatialKey, Inc. (“SpatialKey”) delivers risk intelligence to RLI Insurance Company’s (“RLI”) exposure management and underwriting operations through robust portfolio data analytics and enhanced decision support at the point of underwriting 

SpatialKey’s expertise in delivering intuitive, geospatial analytics and visualizations has enabled RLI to evaluate and respond to changes in the distribution and composition of its portfolio and write better risks. SpatialKey’s Insurance Intelligence solution provides a comprehensive suite of data analytics and visualizations that enable business users to turn information into decisions in their exposure management and underwriting processes.

“Data analytics is a key differentiator in how we operate, compete, select risks, and proactively manage our portfolio. With SpatialKey, we have empowered our underwriters and analytic teams with actionable information to improve risk selection and portfolio performance.” says Jen Klobnak, Senior Vice President, Risk Services at RLI.

SpatialKey’s underwriting solution, designed collaboratively with RLI underwriters, integrates directly with RLI’s property submission management system, creating a seamless underwriting workflow and empowering underwriters with the right information, right now. Further, each prospective risk is evaluated in the context of weekly snapshots of RLI’s portfolio, enabling underwriters to leverage the best data available – their own portfolio, analytic, and experience data – and leading to competitive advantage.

“We are excited to partner with RLI to deliver on the demands of its exposure management and underwriting operations and to identify new opportunities to deliver new analytic innovation to the benefit of the insurance industry.” says Bret Stone, Chief Operations Officer at SpatialKey.

About SpatialKey

SpatialKey is a leader in insurance analytics and visualization, delivering real business value via purpose-built applications. SpatialKey Insurance Intelligence integrates industry-leading data solutions with an unmatched user experience and differentiated geo-spatial and business intelligence capability. Through speed-of-thought analytics and agile visualizations, SpatialKey helps insurers understand risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting.  As insurers innovate to deliver value to their customers and seek to optimize their risk portfolio, SpatialKey will continue to work with them to deliver revolutionary analytics.  For more information, visit www.spatialkey.com.

About RLI Insurance Company

RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. RLI operates in all 50 states from office locations across the country. RLI’s insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company and Contractors Bonding and Insurance Company – are rated A+ “Superior” by A.M. Best Company. For more information visit the corporate website at www.rlicorp.com.

Evaluate the Impact of Winter Storm Juno

Winter Storm Juno arrived in the Northeast U.S. on January 27th. With significant flooding and increasing concern of potential roof collapse, insurers want to be adequately prepared to respond to this historic, mid-season snowfall. Areas like Worcester, MA, which saw historical snow accumulations of 35 inches, will be top of mind for insurers as forecasters suggest that this is likely the first of many storms to hit the region in the coming weeks.

For many insurers, quickly estimating the impact of each storm and deploying assistance to insureds are key differentiators. SpatialKey immediately responded with client access to snow precipitation maps from NOAA, delivered within SpatialKey’s Flood Analyst app, to provide immediate insight! Now, exposure management and claims teams can estimate the impact of heavy snowfall, manage stakeholder expectations, and mobilize efforts to assist insureds.


Leverage real-time snow precipitation data from NOAA (image above)


Understand potential exposure to heavy snowfall (image above)

Insurers can easily assess and interrogate portfolio exposure and composition by location count, total insured value, exposed limit and any other metric of interest. Analysts can also effectively communicate between teams and senior management via shared dashboards, leading to prompt action and results.


Identify insureds most vulnerable to damage (image above)

With SpatialKey Flood Analyst, insurers can gain a comprehensive view of exposure before claims even start to come in!  When a natural disaster hits – blizzard, flood, earthquake, hurricane, or tornado – SpatialKey is the fastest way to understand how you could be impacted.