Between September 2016 and August 2017, 25,588* terrorism and political violence attacks occurred around the globe. The sheer volume of attacks warrants insurers to think differently about how they assess and manage this evolving risk. SpatialKey is collaborating with IHS Markit, the global authority on political violence and terrorism, to integrate their political violence risk index data into our platform—giving insurers a single system to assess, manage, and select terrorism and political risk.
We caught up with Michael Simms, Executive Director, Country Risk at IHS Markit, to gather more insight on IHS Markit’s data and how insurers can build confidence in their terrorism, country risk, and political risk selection and pricing.
Recently, SpatialKey partnered with leading global reinsurer, Swiss Re, to offer insurers access to multi-peril hazard data through SpatialKey’s proprietary underwriting solution. This collaboration integrates Swiss Re’s CatNet® hazard data directly into SpatialKey, providing insurers with access to more than 10 hazards worldwide.
In this interview, we catch up with Peter Hausmann, Head of Nat Cat and Engineering Solutions at Swiss Re, where we talk about Cat models, climate change, how insurers can help close the protection gap, and more. This is a must-read interview for insurers underwriting natural catastrophe risks globally.
Women are strong in insurance, making up a large percentage of the workforce (from 45-85 percent depending on the profession). Yet despite this strength, women like Inga Beale and Karen Clark comprise only 8 percent of named executive officer positions and 17 percent of board seats. What about women in the tech industry? As an InsurTech company, we thought Women’s History Month would be a good time to take a closer look.
HazardHub may be a newer name on the data scene, but with 24+ hazard datasets and risk information in shapefiles and APIs, these experienced data scientists are pros at modeling volatile perils like flood, storm surge, wildfire, earthquake, and more. Recently, SpatialKey caught up with John Siegman, founding partner at HazardHub, to talk through the power of hazard data for insurers. Here’s what he had to say about how their data is helping insurers better select and manage risk:
Looking for some innovative crime risk data? Look no further than Location, Inc. These curious problem-solvers are bringing insurers a more comprehensive view of crime risk through advancements in hyperlocal behavior-based data. Recently we had a chance to catch up with Dr. Andrew Schiller, CEO and Founder of Location, Inc., where we discuss how their crime risk data is helping more than 150 carriers generate focused underwriting guidelines and combat fraudulent claims—with about a 10% reduction in crime loss ratio and adverse selection. Read on to learn how they’re pioneering the field of behavior risk and bringing deeper insights to underwriting and claims.
At our most recent company retreat, SpatialKey Chief Product Officer, Doug McCune, shared with us his vision for the future of SpatialKey. As a jumping off point, he talked at length about Elon Musk’s Falcon Heavy space launch and the number of iterations, failed attempts, tweaks, and tests that went into making it just right (and ultimately, successful!). Doug inspired all of us to think deeper about what companies like ours can learn from the Falcon Heavy launch. Turns out, there’s quite a bit! From failing fast to breaking up a major initiative into smaller, more achievable goals, here’s how SpatialKey is using Elon Musk’s Falcon Heavy launch as a template for success, and how you can too.
SpatialKey Inc. (SpatialKey), the leader in geospatial insurance analytics, has partnered with leading global reinsurer, Swiss Re, to offer insurers access to multi-peril hazard data through SpatialKey’s proprietary underwriting solution. This collaboration integrates Swiss Re’s CatNet® hazard data directly into SpatialKey, providing insurers with access to 10 hazards worldwide for greater accuracy in risk selection, assessment, and management.
If you don’t know Ambiental, now’s a good time to get familiar with this global flood data provider that specializes in analyzing flood risk and modeling flood hazard. They’ve got a strong track record of increasing the precision of pricing and loss estimation for insurers and reinsurers. Now that their data has been integrated into SpatialKey, we thought it’s a good time to catch up with Evan Shallcross, Technical Manager at Ambiental, who had this to say about underwriting flood risk, progressive flood models, flood maps, and more.
There’s been a lot of talk in recent years about technology, innovation, and the “underwriter of the future.” Well, the underwriter of the future is here, right now in 2018. The technology to streamline and automate property underwriting exists now. And, the hazard data and advanced analytics to select and assess risk with a new level of confidence and precision exist as well. If you’re like me, however, you may sometimes put off trying something new (and better) in favor of the status quo. So, what gives?
SpatialKey is pleased to offer its insurance clients access to market-leading weather data from WeatherGuidance. WeatherGuidance utilizes comprehensive weather radar technology to create multi-peril risk reports. Property and casualty (P&C) insurers now have immediate access to pre- and post-event reports from WeatherGuidance within SpatialKey’s geospatial insurance intelligence platform.