Over a year ago, Stephen O’Hearn, global insurance leader at PwC, predicted, “InsurTech will be a game changer for those who choose to embrace it.” Since then, the InsurTech playing field has matured. Many insurers who have operated in the “good enough” zone are finding that it is no longer—well, good enough. The game has changed. Whether you’re in underwriting, claims, exposure management—or you’re a CIO—InsurTech impacts you. There is no option to stay on the bench. So, what’s your game plan?
The risk of wildfire is unlike any other, as today, 90 percent are caused by humans. That’s an alarming amount, considering all it would take is one inexperienced hiker failing to properly extinguish their campfire to scorch an entire mountain.
“If you try to win, you might lose, but if you don't try to win,
you lose for sure!” -Jens Voigt
Alpe d’Huez is a legendary climb, world-renown by cyclists. A relentless 8.5 miles with 21 hairpin bends and 8.1 percent gradient, it’s been a stage that can make or break the Tour de France for riders. But, it’s not included in every Tour. This epic climb only comes once in awhile. And, what’s important about it, is the decisiveness of Alpe d’Huez as a stage in determining the overall leaders.
Satellite image of Tropical Storm Cindy, courtesy of hattyphoto
With an above-average 11 to 17 named storms predicted this hurricane season, members of the P&C insurance industry need to be fully equipped to weather the storms. We know it only takes one bad storm to impact a nation’s economy for months, even years. Hurricane Matthew (2016) was the first hurricane to reach Category 5 since 2007, causing $10 billion worth of damage in the U.S. and displacing thousands. Not only that, it was the 13th billion-dollar weather disaster in the U.S. last year.
SpatialKey data partner, HazardHub, is fast becoming a premier authority in the hazard data space with 24+ hazard datasets. If you don’t know HazardHub, now is the time to get acquainted with their hazard data offering (available within SpatialKey) as well as innovative datasets coming soon. Check out this quick 2-minute infographic.
With the NFIP $24.1 billion in debt, the floodgates are opening to an epic, never-before-seen private flood insurance market. Now more than ever, underwriting and risk selection are not only paramount, but clear areas for competitive advantage as the market heats up.
Hail is scary and it hits home for many of us. SpatialKey’s home state of Colorado is no exception to hail risk. Our downtown Denver headquarters reside in a heavy hail risk zone—and so do the homes of many SpatialKey team members.
HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver
SpatialKey was recently ranked on Entrepreneur's Top Company Cultures 2017 list, a comprehensive ranking of U.S.-based businesses exhibiting high-performance cultures created in partnership with culture management software and service provider CultureIQ®. SpatialKey secured 15th place in the Small Company category of Entrepreneur’s Top Company Cultures list. SpatialKey is recognized for creating an exceptional culture that drives employee engagement, exceeds employee expectations, and directly impacts company success.
SpatialKey Inc. (SpatialKey) is pleased to announce Bret Stone has recently been named President of SpatialKey. Mr. Stone previously held the position of COO at SpatialKey. An industry expert in catastrophe risk management and insurance operations, he is a long-time veteran of the insurance industry holding analytic and product management roles at RMS, Willis Re, and Allstate prior to joining SpatialKey in 2012.
So, what does Groundhog Day have to do with underwriting?
On February 2nd, Punxsutawney Phil saw his shadow. And, you're probably thinking, "So what does this have to do with my underwriting?" Just bear with the logic for a moment….Do you know how often Phil’s forecasts have been right? If he were right say even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?