Industry events, like the recent Reinsurance Association of America’s (RAA) Cat Risk Management conference, are always a great way to take the pulse of the industry and connect with people. I’ve been attending RAA’s conference on behalf of SpatialKey for years, and I generally come away invigorated by my conversations with clients and prospects. This year, however, the energy among these conversations was a bit different. That energy had more urgency and emotion behind it. It’s clear the unprecedented events of 2017 have taken a toll on people, and there’s a compelling need to do something about it. Individuals and teams alike have worked tirelessly; and while the events have passed, the emotional fatigue is left in their wake.
As an underwriter, you’re already data driven. But, how data informed are you? To effectively compete, insurers—and underwriters in particular—will need new and innovative sources of external data, alongside advanced analytics, to inform underwriting strategy and put that strategy into practice at the point of sale.
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?
“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.
With SpatialKey, insurers can quickly assess their potential exposure to the recent snowstorm in the Buffalo, NY area on November 21st. With increasing concern of potential roof collapse and flooding due to rising temperatures in the coming days, insurers want to be adequately prepared to respond to this unprecedented snowfall.
Last week, we announced our partnership with KatRisk LLC to deliver an innovative U.S. flood solution. Re/insurers can now easily identify and monitor portfolio flood accumulations and optimize risk selection at the point of sale.
This solution is delivered in the new SpatialKey Flood Analyst app and further extends the value of the Flood Underwriting app.
We are excited to release our latest innovation in SpatialKey Insurance Intelligence, the SpatialKey Portfolio Composition application! Now, you can efficiently analyze and consistently communicate portfolio health to stakeholders with unmatched access and ease of use to help you stay on top of your business.