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.

Ecuador Earthquake: How SpatialKey Helps Insurers Respond

Photo credit: cnn.com.

Photo credit: cnn.com.

The strongest earthquake to hit Ecuador since the 1970s, the magnitude-7.8 quake that rocked the country’s coastal region on April 16 has left at least 272 people dead, thousands injured, and several towns in ruins.

While damages from the initial quake, aftershocks, and subsequent fires are still being tolled, SpatialKey clients are able to support initial recovery and rebuilding efforts by focusing on providing relief as quickly as possible. Thanks to SpatialKey, they can quickly identify potentially impacted insured properties, formulate a response plan, and inform senior management about their potential exposure to the event.

Within minutes of the quake, SpatialKey clients had access to earthquake shake maps published by U.S. Geological Survey (USGS), which are natively integrated in SpatialKey’s Earthquake application.

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Using their property portfolio, SpatialKey clients can easily identify the locations and Total Insured Value and Exposed Limit at risk. And, with SpatialKey’s flexible filters, they can prioritize their response to key segments of their business, individual policies, and locations that were exposed to the most severe shaking.

In addition to being prepared to respond quickly to claims, they are able to quantify and manage their earthquake risk with an accurate representation of loss potential. Even better, they can continue to monitor their exposure in the area, which may be further affected by aftershocks, government response, and developing humanitarian efforts.

To learn more about how SpatialKey’s robust data, crisp visualizations, and unmatched user experience can help you improve how you manage claims for better customer retention, contact us today.

Japan’s Latest Earthquakes Underscore Complexities for Insurers

Photo Credit: Koji Harada/Kyodo News via AP.

Photo Credit: Koji Harada/Kyodo News via AP.

Located on the edge of what’s known as the “Ring of Fire”—a stretch of the Pacific Ocean prone to volcanoes and earthquakes—Japan is one of the world’s most quake-prone countries.

Last week’s 6.2 and 7.0 magnitude earthquakes—which occurred just two days apart— left nine people dead and thousands injured in southern Japan. Aftershocks continued to rock the area, with a tsunami warning issued for about an hour before being lifted.

For insurers, having a visual understanding of the magnitude of an earthquake’s impact in and around the epicenter helps them understand where to focus first—in Japan, the U.S., or across the world. And determining which policyholders have been affected can be difficult because debris can block access to the area. Not to mention that aftershocks can continue to cause structural damage from shake, fires, and sprinkler systems for days after the initial quake.

SpatialKey can help you quantify and manage your exposure to earthquake risk, plus identify insureds potentially impacted immediately following an event, so you can mobilize your claims team for the fastest possible response.

Proactively Manage Your Earthquake Risk

Seamlessly integrated with shakemaps from the U.S. Geological Survey (USGS) global library of earthquake footprints, SpatialKey allows you to evaluate the impact of an event. You can quantify your potential exposure by portfolio segment, policy, location, or any attribute within your portfolio data.

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Even better, you can also filter by ground-shaking severity (e.g. peak ground velocity, peak ground acceleration, and the Modified Mercalli Index) to see which locations are in the areas most likely to experience damage.

And, by using live event data from the USGS to formulate an event response plan, you can base your response on the most accurate data available, helping you mobilize claims personnel and track claims as they come in following an earthquake

With SpatialKey you can also:

  • Gain additional insights into the distribution and composition of your exposure data, measured by TIV, Exposed Limit, and other metrics.
  • Calibrate your view of risk and risk management strategy by evaluating loss potential against historical and hypothetical earthquake scenarios.
  • View each insured and its associated data in the context of the event—and share impacted exposures with claims and analytic teams.

To learn more about how SpatialKey’s robust data, crisp visualizations, and unmatched user experience can help you improve how you manage claims for better customer retention, contact us today.